BYD’s Hong Kong shares fall nearly 8% after quarterly profit drop

Hong Kong-listed shares of BYD fell by as much as 7.87% on Monday after the Tesla rival reported a quarterly profit drop amid an aggressive price war across its domestic industry.

The Chinese electric vehicle maker on Friday reported profits of 6.4 billion yuan ($891 million) for the June quarter, down about 30% from a year earlier, despite an expansion in sales overseas.