BYD Profit Falls 33 % as Chinese EV Maker Doubles Down on Overseas Markets
Q3 earnings slide to RMB 7.8 billion while export strategy accelerates amid domestic headwinds
The Chinese electric vehicle maker BYD Company reported net income of roughly RMB 7.8 billion (about US$1.1 billion) for the third quarter of 2025, marking a 33 % decline from RMB 11.6 billion a year ago.
Revenue fell 3 % to around RMB 195 billion, undercutting analysts’ forecasts, and gross margin retreated to 17.6 %.
The weaker results reflect intense competition in China’s EV market and government efforts to curb aggressive pricing and supplier payment practices.
BYD still holds about a 30 % share of China’s new-energy vehicle market but faces increasingly stiff rivalry from domestic players such as Geely.
In response, BYD is rapidly scaling its international operations.
Exports for the first nine months rose 14 % to 705,000 units, placing the company on track for its 2025 target of 800,000-1,000,000 overseas deliveries.
It is advancing production facilities in Brazil, Hungary, Thailand, Turkey and Uzbekistan, and has commissioned eight shipping vessels to support its global logistics push.
Chairman Wang Chuanfu has said the firm is targeting an eventual annual volume of 10 million vehicles, with half of that coming from exports.
Higher-priced models and emerging technologies—such as semi-solid-state batteries and “gigacasting” manufacturing—are cited by BYD as catalysts for margin recovery.
The results underline a pivotal moment for the group: maintaining domestic leadership while swiftly evolving into a global-scale EV exporter amid margin pressure and regulatory change.
Revenue fell 3 % to around RMB 195 billion, undercutting analysts’ forecasts, and gross margin retreated to 17.6 %.
The weaker results reflect intense competition in China’s EV market and government efforts to curb aggressive pricing and supplier payment practices.
BYD still holds about a 30 % share of China’s new-energy vehicle market but faces increasingly stiff rivalry from domestic players such as Geely.
In response, BYD is rapidly scaling its international operations.
Exports for the first nine months rose 14 % to 705,000 units, placing the company on track for its 2025 target of 800,000-1,000,000 overseas deliveries.
It is advancing production facilities in Brazil, Hungary, Thailand, Turkey and Uzbekistan, and has commissioned eight shipping vessels to support its global logistics push.
Chairman Wang Chuanfu has said the firm is targeting an eventual annual volume of 10 million vehicles, with half of that coming from exports.
Higher-priced models and emerging technologies—such as semi-solid-state batteries and “gigacasting” manufacturing—are cited by BYD as catalysts for margin recovery.
The results underline a pivotal moment for the group: maintaining domestic leadership while swiftly evolving into a global-scale EV exporter amid margin pressure and regulatory change.
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