BYD dominance is taking a toll on smaller Chinese EV rivals

BYD’s rise to become the dominant force in China’s auto market comes amid a broad slowdown in EV demand globally. — Bloomberg

BEIJING: Chinese electric-vehicle (EV) maker BYD Co’s relentless growth is squeezing out smaller rivals, with Li Auto Inc joining fellow upstart Xpeng Inc in releasing disappointing earnings.

In a stark highlight of their contrasting fortunes, BYD posted a 33% jump in second-quarter profit last Wednesday, while around the same time, Li Auto posted a bigger-than-estimated 52% drop in earnings – sending its US-listed shares tumbling.