Shares in Chinese electric vehicle maker BYD slid by as much as 8% on Monday after it reported a drop in profit because of a price war in China’s car sector.
The carmaker had on Friday reported that its net profit fell to 6.4bn yuan ($900m; £660m) between April and June, down 30% from a year earlier.
BYD said in its filing that ”increased price competition” among China’s EV brands had impacted the industry.
The Shenzhen-based manufacturer is facing an increasingly crowded market, competing against local rivals Nio and XPeng and US carmaker Tesla, which have all slashed prices to draw buyers.
Källa: BYD shares slide as China’s EV price war hits profits