Hong Kong-listed shares of BYD slid nearly 8% Monday after the Chinese electric vehicle maker reported a sharp drop in quarterly profit amid an aggressive price war across its domestic industry.

The Tesla rival on Friday reported net profit of 6.36 billion yuan ($891 million) for the April-June quarter, down about 30% from a year earlier, according to data from LSEG.

The results came despite an expansion in overseas sales, which helped the company's revenue grow 14% year over year to about 201 billion yuan.

BYD's profitability has been harmed by the breakout of yet another discount war in China last quarter — something that has become a common occurrence in the space.

The company said in its mid-year earnings filing that "increased price competition and frequent occurrences of exce

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