BYD shares slide as China's EV price war hits profits

Chinese electric vehicle maker BYD's profits have dropped due to a price war in China's car sector, causing its shares to slide 8%. Competing against local rivals Nio and XPeng and US giant Tesla, BYD reported a 30% decrease in net profit. Despite efforts to boost global sales, BYD's performance reflects the challenges of a fiercely competitive market and industry-wide pricing pressures.