(Bloomberg) -- Chinese automaker BYD Co.’s first-quarter revenue missed estimates as aggressive price cuts across most of its lineup ate into its financial performance.

Net income rose 11% year-on-year to 4.57 billion yuan ($631 million) in the three months ended March 31, the automaker said Monday. Revenue grew at its slowest pace in four years, up 3.9% to 124.94 billion yuan. That’s well short of analyst estimates of 132.53 billion yuan.

BYD’s sales of passenger electric and hybrid vehicles rose 14% year-on-year in the first quarter to just over 620,000 units, while exports spiked 153% to 97,900.

After unseating Volkswagen AG as the top-selling car brand in China last year, BYD has moved to shore up its position by slashing prices across its range. Its cheapest model, the popular Seagull hatchback, now starts at 69,800 yuan, or less than $10,000. 

BYD is also pushing into the premium and ultra-luxury end of the market, unveiling last week four new models and one concept across its higher-priced Denza, Yangwang and Fang Cheng Bao marques at the Beijing auto show. 

Meanwhile, the EV giant’s international expansion, including selling models at higher prices, is helping to offset its price war in China. Its premium push to sell EVs and hybrids for as much as 1.68 million yuan is supplanting price cuts in its affordable models.

BYD’s Hong Kong-listed shares have rebounded from a slump in January, when they dropped 19%, to be little changed this year. 

(Updates throughout.)

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