BEIJING — Chinese electric vehicle giant BYD said on Thursday its third-quarter profit had slumped by 33 per cent year-on-year, with sluggish domestic consumption piling pressure on the carmaker as it looks to expand overseas.

 

BYD said its net profit for the third quarter was 7.8 billion yuan ($1.1 billion), a decrease of 32.6 per cent compared to the same period last year and its second consecutive quarterly decline.

 

The Shenzhen-based firm recorded revenue of 195 billion yuan over the same period, a slight decrease of 3 per cent year-on-year.

 

China's EV industry is world-leading but a cutthroat domestic market has weighed on companies' profitability, with many including BYD turning to overseas markets in response.

 

Scrutiny of the EV industry is also growing, with a top industry group in May rebuking Chinese automakers for fuelling a price war, a week after BYD announced sweeping trade-in discounts.