BYD posts steepest profit drop in six years as China sales falter [Yahoo! Finance]
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Source: Yahoo! Finance
since 2020, a stock market ?filing showed on Tuesday, hit by sluggish sales at home and intensifying competition. The world's ?biggest EV seller, known for its focus on budget models priced under 150,000 yuan ($21,931.43), is under pressure from rivals ?including Geely and Leapmotor. BYD's first-quarter net profit dropped 55.4% from a year earlier to 4.1 billion yuan ($599.46 million), deepening a 38.2% fall in the fourth quarter, the data showed. Revenue fell 11.8% to 150.2 billion yuan, extending a declining streak to a third straight quarter. "BYD needs domestic sales volumes ?to pick up sequentially in ?Q2 and see a more sustained rebound and market share recovery in Q3 for overall profits to improve," said Eugene Hsiao, head of China equity ?strategy at Macquarie Capital. Pressure has mounted as China scales back trade-in subsidies for entry-level electric cars and plug-in hybrids. BYD's overall sales declined for a seventh straight month in March, despite sustained stron
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