Chinese automaker BYD has reported a sharp decline in profits for the first quarter of 2026. The company's net profit fell by 55.4 percent compared to the previous year, amounting to 4.09 billion yuan. This was reported by Ixbt.com xabar.
This marks the largest quarterly decline since 2020.
Revenue also decreased by nearly 12 percent, falling to 150.2 billion yuan. BYD is primarily facing difficulties in the domestic market.
The company, which became a leader due to its affordable electric vehicles, is now feeling the impact of an aggressive price war and the reduction of tax incentives.
During the reporting period, the company sold 700,463 electrified vehicles. This is 30 percent less than in the same period last year.
Against the backdrop of the decline in the domestic market, BYD is strengthening its international exports and attempting to shift into a more expensive market segment.
At the Beijing Auto Show, the company introduced new models, including the Datang SUV, which starts at 250,000 yuan. This model managed to secure over 30,000 orders on its first day.
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