Tesla's China Rival BYD Shares Sink 8% In Hong Kong As Quarterly Profit Drops 30%

BYD shares fell nearly 8% in Hong Kong after the Chinese EV maker posted a steep quarterly profit drop due to an ongoing domestic price war, according to CNBC. The Chinese EV giant reported April to June net profit of $891 million, a 30% decline from a year earlier, according to LSEG data. The company cited intensified domestic price competition and excessive marketing as weighing on profitability, with retail car prices in China falling nearly 19% over two years. BYD’s first-half net profit rose nearly 14% to 15.5 billion yuan, with revenue up 23% to 371.3 billion yuan and record new energy vehicle sales. BYD has led Chinese automakers’ global expansion, opening European showrooms and recording over 13,000 July registrations, up 225% year-over-year.