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

Published

1 year ago

2025/09/1

Priyan

Shares of Chinese electric vehicle maker BYD slid by as much as 8% on Monday after it reported a drop in profit because of a price war in China’s car sector.

The carmaker had on Friday reported that its net profit fell to 6.4bn yuan ($900m; £660m) between April and June, down 30% from a year earlier.

BYD said in its filing that “increased price competition” among China’s EV brands had impacted the industry.

The Shenzhen-based manufacturer is facing an increasingly crowded market, competing against local rivals Nio and XPeng and US carmaker Tesla, which have all slashed prices to draw buyers.

The carmaker’s stock fell as much as 8% at the open in Hong Kong on Monday.

Competition in China’s car sector has reached a “fever pitch”, said BYD in its statement.

It said “industry malpractices… [like] excessive marketing” played a part in disrupting the market.

EV makers have subsidised car dealers and offered zero-interest loans to buyers as the industry becomes increasingly cutthroat.

It has prompted warnings from Beijing, which urged automakers to stop the aggressive discounts in order to protect the economy.

Average car prices in China have fallen by around 19% over the past two years, currently standing at around 165,000 yuan ($23,100; £17,100), according to industry estimates.

And despite significant sales abroad, BYD’s earnings fell short of analysts’ estimates for a modest increase.

The company targeted global sales of 5.5 million cars this year, but it has sold just 2.49 million by the end of July.

BYD’s “surprising” performance suggests that even the leader of China’s EV sector won’t necessarily win from a “cut-throat” price war, said industrial policy expert Laura Wu from Singapore.

“[The] drop in stock price trading this morning signals investor’s disappointment,” she said.

Beijing’s push to end the EV price war is tough, as past policies have led to too many players in the sector, said Prof Wu from Nanyang Technological University.

Price cuts may benefit consumers, but they risk creating an oversupply of Chinese EVs in the long run, she added.

BYD has grown to become the world’s largest EV maker, surpassing Tesla in annual revenue in 2024, thanks to the wide appeal of its hybrid vehicles in China, Asia and European markets.

[BBC]

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Landslide Early Warnings issued to the Districts of Kandy, Kegalle, Matale and Ratnapura

Published

4 hours ago

2026/10/4

Priyan

The Hational Building Research Institute (NBRI) has issued landslide early warnings to the Districts of Kandy, Kegalle, Matale and Ratnapura valid from 2200 hrs on 03rd October upto 2200 hrs on 04th October 2026.

Accordingly,

LEVEL II (AMBER) landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Udu Dumbara and Minipe 8n the Kandy district, Dehiowita in the Kegalle district, and Ambanganga Korale and Matale in the Matale district.

LEVEL I (YELLOW) landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Rambukkana in the Kegalle district, Rattota in the Matale district, and Eheliyagoda in the Ratnapura district.

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Turkish court detains football refereeing chief pending corruption trial

Published

20 hours ago

2026/10/3

Priyan

The refereeing scandal is the latest controversy to shake football in Turkiye [Aljazeera]

The head of Turkiye’s football refereeing body and four other officials have been placed in pretrial detention by a court as part of a corruption investigation, the state news agency Anadolu reports.

Ferhat Gundogdu, head of the Central Referees Committee, and six others appeared before a judge over allegations of manipulation of the referee administration process, Anadolu said on Saturday.

They appeared on Friday before a judge at Istanbul’s Caglayan courthouse on several charges, including forgery of official documents, breach of trust and illegal acquisition of personal data, the report said.

The judge remanded five people in custody and granted the other two conditional release, Anadolu said.

It was the latest scandal to shake football in Turkiye, coming exactly a year after the Turkish Football Federation (TFF) suspended 149 referees on charges of illegal betting.

On Thursday night, police from the illegal betting and sports crime unit also detained Yasin Kol, a referee from Turkiye’s top-flight Super Lig, as well as an assistant referee, media reports said.

Justice Minister Akin Gurlek said prosecutors are examining claims about “interference in the processes of referee classification, assignments, scoring and appointments as well as the exams on rules”.

During raids on Tuesday, police searched the VAR room at TFF’s headquarters in Istanbul. Observers said the investigation was likely linked to last year’s betting scandal and would have implications for the federation.

“It does seem to be a continuation of 2025, and it looks like it will continue further,” sports journalist Ayhan Sensoy told the AFP news agency.

Sensoy, who wrote a 2024 book on the issue called The Gambling Pit, said it was unlikely that federation bosses “have any chance of staying in office”.

So far, the TFF has not directly addressed the arrests as its top officials are due to fly home on Saturday after attending Friday night’s Belgium-Turkiye UEFA Nations League clash in Liege, which Turkiye lost 3-0.

[Aljazeera]

Foreign News

Ten injured after car crashes into rugby supporters in Australia

Published

20 hours ago

2026/10/3

Priyan

A fire truck drives towards a crash site as a police vehicle blocks a road in Wallsend, News South Wales, on October 3, 2026, after a car drove into a crowd [Aljazeera]

A car has crashed into a crowd of rugby league supporters in the eastern Australian city of Newcastle, injuring 10 people, including three children.

New South Wales police said on Saturday that two of the injured – a five-year-old girl and a 67-year-old man – were in a critical condition and the other eight were in stable condition in hospital.

Police said they had arrested the 18-year-old man driving the vehicle and were investigating what happened. They said the crash was not believed to be related to “terrorism”.

The crowd had gathered to farewell the local rugby league side, the Newcastle Knights, ahead of their grand final against the Sydney Roosters on Sunday.

Newcastle Lord Mayor Gavin Morris said the driver, a rugby league fan, had lost control of his vehicle and had been taken into custody.

“He was revving the car, he was excited, he was a supporter, he was there for the joy of the moment,” Morris told the national broadcaster ABC.

“Somehow he lost control of the car … and he’s gone into the crowd,” he added.

Prime Minister Anthony Albanese said: “My thoughts are with everyone injured or involved in the horrible incident this morning in Newcastle.”

“Rugby league brings people together, and this should have been a weekend of excitement and pride for Newcastle fans,” he wrote in a social media post.

[Aljazeera]