China’s electric vehicle champion BYD reported lower than expected earnings for the second quarter, hit by Beijing’s crackdown on aggressive discounting and long-term supplier payment practices.
The group’s first decline in quarterly profits for the first time in more than three years comes as growth in the Chinese EV market loses steam. The Shenzhen-based carmaker, which is vying for the world’s top EV maker position with Tesla, is eyeing further expansion overseas.
BYD’s net income dropped almost 30 per cent to Rmb6.4bn ($897mn), missing analysts’ expectations of Rmb10.7bn. The carmaker recorded a 14 per cent year-on-year rise in revenue to Rmb201bn in the three-month period, falling short of consensus forecasts of Rmb220bn.
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