Carmaker BYD sees profits fall as price wars bite 

BYD has set a target to sell 5.5m cars globally this year, but it sold 2.49m in the first seven months of the year, meeting 45% of its goal

The biggest Chinese rival to Tesla has faced challenges in recent months as Chinese authorities have called for a halt to a bruising price war in China that has pressured profit margins across the entire industry. Picture: Matthias Schrader/AP

Chinese electric vehicle (EV) 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 6.4bn Chinese yuan (€770m) in the second quarter, it reported on Friday, down 29.9% from a year earlier, after rising 100.4% in the first quarter.