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Chinese electric vehicle maker BYD's quarterly profit fell at its fastest pace since 2020.
BYD's first-quarter net profit fell 55.4% year-on-year, the steepest drop since 2020.
KEY POINTS
- BYD has recorded declining sales for seven consecutive months in its home market.
- China has scaled back trade-in subsidies for entry-level EVs and plug-in hybrids, affecting BYD.
- BYD is aggressively targeting international markets with a 2026 overseas sales goal of 1.5 million units.
- BYD is focusing on ultra-fast charging technology to attract drivers from petrol-powered cars.
COMPANIES
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