BYD Reports Slower Third Quarter Profit Growth
Chinese electric vehicle maker BYD posted a twenty eight percent rise in third quarter profit, missing analyst forecasts as domestic and international competition intensifies. Net profit reached ten billion yuan while revenue grew to two hundred twenty one billion yuan.
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BYD CO LTD-H posted a 28% increase in third-quarter profit to 10 billion yuan ($1.50 billion), missing consensus forecasts as competition intensified. The result cooled from the previous period's 30% growth rate in China. The slowing momentum highlights mounting pressures on domestic automakers as overseas expansion accelerates.
