China EV giant BYD posts slowest quarterly profit growth in two years

EV sales have lost momentum in the world's biggest auto market amid a brutal price war

BYD EV cars displayed at the 45th Bangkok International Motor Show. Picture: Chalinee Thirasupa

Chinese electric vehicle giant BYD reported an 18.6% rise in fourth-quarter profit on Tuesday, its slowest since the first quarter of 2022, as EV sales lost momentum in the world's biggest auto market amid a brutal price war.

Net profit totalled 8.67bn yuan (€1.1bn) last quarter, with revenue up 15.1% at 180.04bn yuan (€23.02bn), according to BYD's stock market filing.