Chinese EV manufacturer BYD saw a 29.9% decline in Q2 profits, amounting to 6.4bn yuan. Despite this, revenues rose by 14% to 200bn yuan. Vehicle sales for H1 fell short of the 5.5 million annual target. Chinese authorities are monitoring price wars in the industry to stabilize financial health.

BYD faces challenges in the second half of the year after a discounting strategy attracted scrutiny. The Chinese government aims to control price wars in the industry to prevent financial instability. BYD noted a shift in domestic market trends during Q2, with strong sales of electric cars but a decrease in hybrid vehicle sales.

BYD’s Thai subsidiary ventured into European markets by exporting EVs to Germany, Belgium, and the UK. The company reported a 23% increase in revenue to 371.3bn yuan for H1, with net income reaching 15.5bn yuan. A 100.4% surge in Q1 net profit was attributed to shareholders. Plans are underway to start electric car assembly in Pakistan by 2026.

Read more at Yahoo Finance: BYD’s quarterly profit down as China price war bites