Chinese EV giant BYD says Q3 profit down 33%

Chinese electric vehicle giant BYD said on Thursday its third-quarter profit had slumped by 33 percent year-on-year, with sluggish domestic consumption piling pressure on the carmaker as it looks to expand overseas.

BYD — which adopts the English slogan “Build Your Dreams” — has emerged in recent years as the clear leader in China’s highly competitive EV market, which is the largest in the world.

The carmaker said its net profit for the third quarter was 7.8 billion yuan ($1.1 billion), a decrease of 32.6 percent compared to the same period last year and its second consecutive quarterly decline.

The Shenzhen-based firm recorded revenue of 195 billion yuan over the same period, a slight decrease of 3 percent year-on-year.

China’s EV industry is world-leading but a cutthroat domestic mar