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STORY: China's BYD posted its weakest quarterly profit growth since 2022 on Monday (April 29).

Revenue growth also slowed to its lowest level in almost four years.

The electric vehicle maker was hit by slowing demand and a price war in the world's largest auto market.

First-quarter net profit was up around a tenth at just over $631 million, while revenue grew 4% to $17.25 billion.

The quarterly results suggest BYD still pulled ahead of U.S. rival Tesla.

Elon Musk's company recently reported its first quarterly revenue fall since 2020.

BYD has ramped up efforts to move upmarket while doubling down on discounts.

It aims to find cautious consumers amid a sputtering economic recovery.

The push to sell to higher-end segments came alongside an intensified price war in China.

It has led BYD to slash prices since February on the latest versions of its lineup by 5% to 20%.

The auto giant is targeting an annual sales jump of a fifth this year.

But, outside of big-hitters like Tesla, BYD is also under pressure from local EV upstarts betting big on an all-electric future.