China’s electric-vehicle (EV) king BYD reported a 30 per cent drop in profits in the second quarter as surging overseas sales failed to offset the negative impact of a brutal price war in the domestic market.
The Shenzhen-based company earned 6.4 billion yuan (US$894.6 million) in the three months to June, down 29.9 per cent from a year earlier. Revenue grew 14 per cent year on year to 201 billion yuan.
The second-quarter numbers are derived by comparing BYD’s interim earnings to its results for…