BYD Q1 profit down 55% from year ago as it banks on overseas sales

Revenue down but beats expectations, as carmaker moves from cut-price China market

BYD showcases its 2026 Yuan Plus electric vehicle at the Auto China show in Beijing on April 24. (Photo by Shizuka Tanabe)

HONG KONG -- BYD on Tuesday posted a fourth consecutive quarterly profit drop, as China's electric vehicle champion absorbed the costs of a strategic pivot toward overseas sales and away from the cut-throat, low-margin domestic market.