Chilling Impact: BYD’s Profit Plunge Amidst China’s EV Price War

Shares of BYD, a leading Chinese electric vehicle (EV) manufacturer, experienced a significant decline of up to 8% following the announcement of a 30% drop in net profits in Q2 of the fiscal year. The company’s net profit plummeted to 6.4 billion yuan (approximately $900 million), weighed down by fierce price competition in China’s congested EV market.

In its official statement, BYD attributed the dip in profit to the intense price wars ignited by competitors such as Nio, XPeng, and Tesla, all of whom have dramatically reduced prices to lure consumers. Resulting market conditions have reached a **