BYD, China’s EV king, posts a 55% slump in first-quarter profit

China’s electric vehicle (EV) king BYD reported a slump in first-quarter net profit as weakness in its domestic market outweighed rising exports. The mainland’s largest and most profitable EV maker reported a net profit of nearly 4.09 billion yuan (US$590 million) for the first three months of the year, a drop of 55 per cent compared with a year earlier. Revenue came in at 150.2 billion yuan, down