Chinese EV giant BYD says Q3 profit down 33%

Chinese electric vehicle giant BYD said on Thursday its third-quarter profit had slumped by 33% year-on-year, with sluggish domestic consumption piling pressure on the carmaker as it looks to expand overseas.

BYD said its net profit for the third quarter was 7.8 billion yuan ($1.1 billion), a decrease of 32.6% compared to the same period last year and its second consecutive quarterly decline.

The Shenzhen-based firm recorded revenue of 195 billion yuan over the same period, a slight decrease of 3% year-on-year.