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BYD Earnings Miss Estimates as China's EV Price War Takes Its Toll
Chinese electric vehicle giant BYD reported weaker-than-expected third-quarter earnings on Thursday, highlighting the growing challenges facing China's automakers even as overseas sales continue to surge.
Summary
Chinese electric vehicle giant BYD reported weaker-than-expected third-quarter earnings on Thursday, highlighting the growing challenges facing China's automakers even as overseas sales continue to surge. BYD's net profit rose 28% year-over-year to 10.02 billion yuan ($1.5 billion), missing analysts' expectations of approximately 11.1 billion yuan. Revenue increased 13.6% to 221.5 billion yuan ($33.3 billion), also falling short of market forecasts.
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