cross-posted from: https://lemmy.sdf.org/post/41381222
Chinese electric vehicle maker BYD's quarterly profit fell for the first time in more than three years, as its expansion hit a speed bump amid a government campaign against price wars.
Net profit at the world's biggest EV producer totalled 6.4 billion yuan ($894.74m) in the second quarter, it said today, down 29.9% from a year earlier, after rising 100.4% in the first quarter.
Revenue increased 14% to 200.9 billion yuan in the three months to June 30.
First-half profit was up 13.8% on revenue up 23.3%.
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In BYD's domestic market, Chinese consumer complaints show widespread padding of car sales.
A tactic used by Chinese automakers and dealers to inflate car sales has grown increasingly common in recent years in response to a bruising price war in the world's largest auto market, a Reuters analysis of consumer complaints has found.
Earlier this month, Reuters reported EV brands Neta and Zeekr had arranged for cars to be insured before buyers purchased them, a scheme that effectively inflates sales numbers and gives the appearance the companies were hitting periodic targets.
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