BYD's Quarterly Earnings Hit Multi-Year Low Amid Intensifying Price Competition

TigerApr 28, 2026 11:11 AM

BYD Co. reported its lowest quarterly profit in over three years, as the leading global electric vehicle manufacturer increased discounts to counter rising competitive pressures.

Net income declined 55% to 4.08 billion yuan ($597 million) for the first quarter ending March 31, according to the automaker's Tuesday statement. This figure aligns with the average analyst estimate of 4.1 billion yuan from five forecasts collected by Bloomberg. Quarterly revenue decreased 12% to 150.2 billion yuan.

The earnings report marks BYD's fourth consecutive quarter of declining profits amid heightened competition from rivals including Xiaomi Corp. and Geely Automobile Holdings Ltd. The market leader has responded with aggressive price reductions, with March discounts reaching their highest point in two years, substantially compressing per-vehicle profitability.

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