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Daniel Ren

China’s electric-vehicle (EV) leader BYD reported a 32.6 per cent fall in third-quarter profit, as slowing sales and price cuts in the domestic market offset its strong performance abroad.
The Shenzhen-based company said its profit tumbled to 7.8 billion yuan (US$1.1 billion) in the three months ended September, compared to 11.6 billion yuan a year earlier, according to a statement filed with the Hong Kong and Shenzhen stock exchanges on Thursday.
Still, that represented a 22.6 per cent increase from the 6.4 billion yuan posted in the preceding three months.
Quarterly revenue, meanwhile, slumped 3.1 per cent year on year to 195 billion yuan.
Earnings for the period fell short of a consensus estimate of 9.6 billion yuan from a Bloomberg survey of analysts. Revenue was 9.7 per cent lower than the average forecast of 215.9 billion yuan.
“Falling sales in China and discounts offered to spur deliveries in the home market have pressured BYD to improve its profitability,” said Ivan Li, a fund manager at Loyal Wealth Management in Shanghai. “Its robust sales abroad are not enough to offset its weak domestic performance.”
Controlled by Chinese billionaire Wang Chuanfu, BYD delivered a total of 1.11 million pure electric and plug-in hybrid vehicles in the third quarter, down 1.8 per cent a year earlier and 2.7 per cent lower quarter on quarter.
The results reflected how Chinese carmakers have continued to offer substantial discounts to mainland buyers to survive in the world’s largest vehicle market amid weak consumer spending and concerns about overcapacity.

The average EV discount reached a record 17.4 per cent in June, according to a report earlier this month from JPMorgan, which analysed data from 40 foreign and domestic car brands across 1,000 variants. The number fell to 16.7 per cent in July, but remained relatively stable since then.
China’s vehicle output – including buses, lorries and passenger cars – could reach 33 million units this year, compared with an estimated production capacity of about 50 million, according to Nick Lai, head of car research for Asia-Pacific at JPMorgan.
In contrast, BYD’s overseas deliveries surged 146 per cent to 232,806 units in the third quarter. The company forecast 800,000 to 1 million deliveries outside mainland China this year, compared with projected total sales of 4.6 million units, Li Yun, general manager of branding and public relations, said last month.
BYD expected exports to constitute about 20 per cent of its total sales this year, up from around 10 per cent in 2024.
Lai noted that Chinese EV makers could enjoy profit margins of 20,000 yuan per unit abroad, four times higher than in the domestic market, on the back of better pricing overseas.
BYD last month recorded a sales jump in Europe after launching more models and expanding its sales network, narrowing the gap with market leader Tesla.
The Chinese carmaker in September recorded 24,963 new car registrations in Europe, nearly five times the 5,013 units it sold a year ago, according to data from the European Automobile Manufacturers’ Association, which tracks car sales across the European Union, United Kingdom, Iceland, Liechtenstein, Norway and Switzerland.


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Profit fell to US$1.1 billion in the September quarter amid slowing sales and price cuts in BYD’s home market


Profit fell to US$1.1 billion in the September quarter amid slowing sales and price cuts in BYD’s home market.


BYD’s third-quarter profit tumbles as exports growth fails to stem China sales slump

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Profit fell to US$1.1 billion in the September quarter amid slowing sales and price cuts in BYD’s home market

Profit fell to US$1.1 billion in the September quarter amid slowing sales and price cuts in BYD’s home market