BYD Q1 profit plunges 55 percent fastest since 2020 as China sales wobble

Profit slid hardest in six years despite EV boom

BYD’s Q1 profit dropped 55%, its steepest decline since 2020, according to a stock filing. Sluggish demand in China and growing competition in electric vehicles are blamed for weaker results. The news adds pressure on global markets watching EV leaders, as momentum in China appears to be cooling faster than expected.