Chinese electric vehicle manufacturer, BYD Co., the largest Chinese manufacturer in the world, has reported its worst quarterly profit it has seen in over three years. The company's net income for the three months ended March 31 fell 55% year over year to 4.08 billion yuan, roughly $597 million, and revenue dropped 12% to 150.2 billion yuan. The firm sold just over 700,000 vehicles in the period, with average discounts rising to a record 10% in 2026. Despite this, the company has been in a discount war with Geely, Leapmotor, Xiaomi Auto, and dozens of smaller Chinese brands competing in the same crowded domestic lane. Despite these losses, BYd's short-term borrowings increased 72% in three months to a total of 66.3 billion yuan ($9.7 billion). The company’s net profit per vehicle likely dropped to between 3,000 yuan and 4,000 euros in Q1 2026, compared to roughly 8,800 yuan in the past year, despite shipping more cars than ever.