BYD's quarterly profit fell 55% as China's EV price war eroded margins

Net income dropped to 4.08 billion yuan ($597 million) in Q1, extending the Chinese automaker's streak of profit declines to four straight quarters

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First-quarter earnings released Tuesday showed a 55% drop in net income to 4.08 billion yuan ($597 million) for the January-through-March period. Over the same stretch, total sales came in at 150.2 billion yuan, down 12% compared with the prior year.

Pressure from competitors such as Xiaomi and Geely has compelled BYD to repeatedly cut prices, driving a run of four consecutive quarters in which profit has........

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