SHENZHEN, China
BYD Co. (SHE: 002594)reported a sharp decline in first-quarter profit as slower vehicle sales in China and intense domestic competition weighed on the electric vehicle maker’s earnings.
The Shenzhen-based automaker posted first-quarter net profit of approximately RMB 4.1 billion, down more than 55% from the same period a year earlier. Revenue also declined by nearly 12% to about RMB 150.2 billion, reflecting a weaker start to the year in China’s new energy vehicle market.
The results highlight continued pressure across China’s electric vehicle sector, where automakers are facing slower consumer demand, pricing pressure, and rising competition from both established manufacturers and emerging EV brands. BYD, one of the world’s largest electric vehicle makers, has also faced margin pressure as companies compete for market share in an increasingly crowded domestic market.
Despite the profit decline, BYD remains focused on strengthening its global position through overseas expansion, product upgrades, and investment in next-generation vehicle technologies. International sales and higher-value models are expected to play a larger role in the company’s strategy as it works to offset softer domestic demand.
Industry observers say BYD’s latest results reflect a broader adjustment period for China’s EV market after several years of rapid expansion. While demand for electric and plug-in hybrid vehicles remains significant, slower growth and price competition have created new challenges for automakers seeking to balance scale with profitability.
BYD’s performance in the coming quarters will be closely watched as the company expands outside China and continues to compete in both mass-market and premium electric vehicle segments.
About BYD
BYD Co. is a China-based manufacturer of electric vehicles, plug-in hybrid vehicles, batteries, and related clean-energy technologies. The company is headquartered in Shenzhen and operates across domestic and international automotive and energy markets.