BYD shares fell nearly 8 in Hong Kong after the Chinese EV maker posted a steep quarterly profit drop due to an ongoing domestic price war, according to CNBC. The Chinese EV giant reported April to June net profit of $891 million, a 30 decline from a year earlier, according to LSEG data. The company cited intensified domestic price competition and excessive marketing as weighing on profitability, with retail car prices in China falling nearly 19 over two years. BYD’s first-half net profit rose nearly 14 to 15.5 billion yuan, with revenue up 23 to 371.3 billion yuan and record new energy vehicle sales. BYD has led Chinese automakers’ global expansion, opening European showrooms and recording over 13,000 July registrations, up 225 year-over-year.