The Egyptian government is seeking ways to conserve oil-powered electricity during the US-Israel war with Iran, with a curfew that threatens Cairo’s identity as a city that never sleeps.

The government imposed new nationwide closing times Saturday for stores, restaurants and cafes, ordering them to shut early.

“It’s ruinous,” said Youssef Salah, a cafe owner in Cairo. 

“It deprives us from our peak time.”

The decision is one of a series of measures the government has taken in recent weeks to mitigate the fallout of the US and Israeli war against Iran, which has shaken the Middle East and the global economy. 

Though Egypt is not a party to the widening conflict, the most populous Arab country is one of the most impacted by the war’s far-reaching repercussions, including higher oil prices and disrupted shipping routes.

The early closures will have dire repercussions on hundreds of thousands of small businesses found on almost every street, alley and lane across the country. 

Some of them — including many eateries, juice shops and cafés — usually operate nonstop.

Salah, the café owner in Cairo’s middle-class neighbourhood of Sayeda Zeinab, said he was forced to cut his 35-member workforce by 40 per cent.

The 46-year-old father-of-three used to keep his venue open 24 hours a day, with peak hours starting in the evening till the first hours of the new day. 

The late-night shifts are now abolished, he said.

“It’s painful,” Salah said as he closed his shop doors at 9pm (local time) on Saturday.

Yet two days into the decision, some Egyptians danced around the government order. 

Some cafes closed their front doors as patrons inside went about smoking shisha or playing chess, dominos or cards. 

Some took to social media sarcastically to criticise the decision for depriving Cairo of its nightlife.

“The Butterfly effect,” Mahmoud Elmamlouk, editor of a local outlet wrote on social media after cafe shops shuttered their doors Saturday evening.

 “The closure of Strait of Hormuz has deprived us from smoking shisha.”

Ayman Harbi, who works at a store in downtown Cairo, called on the government to extend the opening hours at least till midnight, saying that closing at 9pm is “extremely difficult” for business like his.

“Our work in the summer usually starts after 8pm,” he said. 

“Forcing me to close at 9pm makes the workday pointless.”

Magdy al-Deeb, a business owner, urged the government to reverse the decision to preserve jobs, especially for cafes and small businesses.

“Where will all those people (workers) go,” he asked of those who could lose their jobs. 

Smoking a shisha — the tobacco burning water pipe — in a Cairo café, he said society “must protect people’s livelihoods”.

The decision to close businesses early has also changed the lifestyle of Egyptians accustomed to being able to buy virtually anything at any time, especially in big cities like Cairo and Alexandria.

A night time tour across Cairo Saturday and Sunday revealed the city’s usually vibrant streets turned eerily quiet.

Shops, restaurants, malls and cafes across the country have been ordered to close at 9pm for a month. 

The measures — described by the government as “exceptional” — include dimming streetlights and roadside advertising. 

The government exempted tourist-attraction areas from its energy-saving measures, given that tourism is a major source of foreign currency for the cash-strapped country. 

The exempt areas include the Red Sea tourist resorts of Hurghada, Sharm el-Sheikh, Marsa Alam, as well as the antiquities-rich southern cities of Aswan and Luxor.

Gambling harm and animal welfare problems far outweigh the economic boons of greyhound racing, an independent analysis has found.

As the West Australian government weighs up the future of greyhound racing, former Business Council of Australia economist Stephen Walters has found the sport costs the state more than it returns.

The state government is set to spend $108.3 million in taxpayer funds over the next three years on greyhound racing prize money, payments to dog breeders, and other costs associated with the industry, according to his report, compiled for welfare group Animals Australia.

But for every dollar spent, 21 cents of economic value is lost through gambling harms, poor animal welfare, inefficient land use at training facilities and race tracks, and the diversion of taxpayer funds to the sport instead of places like schools and hospitals, the cost-benefit analysis found.

“Greyhound racing destroys economic value in Western Australia,” Mr Walters said.

A parliamentary inquiry into WA’s greyhound racing industry, which gets under way on Monday, will examine transparency and animal welfare concerns as the government faces pressure to ban the sport.

Tasmania’s parliament in August voted to phase out greyhound racing by 2029, while New Zealand, Wales and Scotland also plan to outlaw the practice in coming years.

Mr Walters acknowledged the industry helped generate revenue and employed people at racetracks and in ancillary jobs such as transport and vet services, but argued these benefits were “swamped” by costs in WA.

Wagering is the largest single cost associated with WA’s greyhound racing industry due to the long-term cost of family breakdown, deterioration in mental health, loss of income and government funding needed to alleviate the impacts of gambling, the report found.

It has already cost the state $110.5 million in 2026.

But should WA follow in Tasmania’s footsteps and close the industry by 2029, the societal costs of gambling would only decline by five per cent as 95 per cent of the wagering undertaken in greyhound racing would likely to be diverted to other gambling activities rather than non-wagering purposes.

The costs of poor welfare outcomes for dogs such as death and over-breeding were relatively small, and while the broader social costs of the issue were believed to be significantly higher, they were difficult to rigorously quantify, Mr Walters acknowledged.

The greyhound industry is already facing declining attendance as a 2025 DemosAU survey shows most WA respondents do not support the sport.

“It is not clear the greyhound racing code would survive independently without substantial funding from taxpayers,” Mr Walters’ report read.

WA’s Labor government is launching a review into the state’s racing industry to ensure a framework for long-term financial stability, noting it employs thousands of workers and contributes $1.3 billion to the WA economy every year.

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A national dashboard for fuel prices and outages, free nationwide public transport and a co-ordinated approach to curbing demand are among the issues a crisis meeting of leaders is being urged to consider.

National cabinet will meet on Monday to discuss the Middle East fuel crunch for a second time.

State and territory leaders and business groups have called for a national approach to plot a path through the crisis as petrol prices surge and hundreds of service stations run dry.

Australia’s fuel stocks remain at normal levels, but fears of future shortages and price spikes caused by the ongoing blockage of the Strait of Hormuz have spurred users to bulk-buy petrol and diesel, leading to localised shortfalls.

Queensland Premier David Crisafulli accused the federal government of withholding information from the Australian people.

“I won’t stand for Australians not getting the information they need,” he said in a speech on Sunday.

“We’re asking Canberra to release information about prices and outages at a specific time each day, for every state and territory: a national dashboard.”

Australian Chamber of Commerce and Industry chief executive Andrew McKellar said a nationally consistent approach to the crisis was needed. 

“We don’t want to head back into that situation that we had a couple of years ago in COVID, where Queensland was doing one thing, NSW had a different approach, Western Australia cut itself off from the rest of the economy, the Victorian economy was locked down for over a year,” he said.

The chamber called for the government to encourage measures to reduce demand for fuel, including supporting greater flexibility to work from home and boosting public transport usage.

Victoria and Tasmania have announced temporary fare waivers for public transport users, which prompted the Greens to urge the Commonwealth to help fund other states to make their networks free.

“Free public transport must be on the agenda at tomorrow’s national cabinet meeting,” Greens senator Sarah Hanson-Young said.

On Monday, the Greens will look to ramp up the pressure on the government to increase taxes on gas exporters set to make windfall profits from the Middle East conflict, with a motion to set up a parliamentary inquiry into the proposal.

The cross bench has been pushing for a 25 per cent tax on gas exports for weeks.

Opposition industry spokesman Andrew Hastie broke ranks with his Liberal colleagues on Sunday, saying he was open-minded about a windfall profits tax.

Trade ministers are close to agreeing on a reform plan for the World Trade Organization as wrangling continues over ‌extending a moratorium on customs duties on electronic transmissions such as digital downloads, diplomats say.

The talks at a WTO meeting ‌in Cameroon include efforts to bridge differences between the US and India over extending the e-commerce moratorium, due to expire in March.

Extending the moratorium – first adopted in 1998 as part of a declaration to encourage early digital trade growth – is seen as a test for the WTO’s relevance following a year of tariff-fuelled trade turmoil and major disruptions due ‌to the Iran war.

After initial resistance from some WTO members, a new draft of the reform roadmap ​provides a timeline for progress and sets out the key issues to address, according to a copy of the draft seen by Reuters.

Those issues include improving decision-making in a consensus-based system that has long been stymied by a few countries and the trade benefits extended to developing countries.

The reform debate comes amid efforts to rework WTO rules to make subsidy use more transparent ⁠and decision-making easier. 

The US and the EU argue China, ‌in particular, ​has taken advantage of current rules to their detriment.

Bringing an agreement reached by a subset of members ​aimed at boosting ‌investment in developing countries into WTO rules also remained blocked by India, which said plurilateral accords risked eroding the body’s founding principles.

Alongside the reform discussions, a senior diplomatic source – speaking on condition of anonymity – said there was a possibility of a four-year extension of the e-commerce moratorium.

India indicated on Friday it would accept ​a ​two-year extension, diplomats said, while there were suggestions ​the US could accept a 10-year extension, another diplomat said. 

US Trade ‌Representative Jamieson Greer said this week Washington wanted a permanent extension.

A new draft document on e-commerce seen by Reuters proposed support for developing country members concerned about losing tax revenues, as well as a review clause.

Business leaders say an extension is vital to guarantee predictability, fearing duties could otherwise be introduced. 

It is also seen as key to ​securing US support for the global trade body.

“If the moratorium does not get extended, the US will use it ​as an excuse to beat ⁠the WTO on the head,” a senior diplomat said.

Minutes from the Reserve Bank’s March cash rate meeting should prove interesting reading.

The 5-4 split by its monetary policy board in favour of a 25-basis point hike was the narrowest since the RBA started publishing unattributed votes in July 2025.

Governor Michele Bullock has already revealed what was behind the division.

“All members agreed another rate increase was needed to address domestic inflationary pressures,” she told reporters after the meeting on March 17.

The difference in opinion came down to timing, she said.

The five hawks, who ultimately got their way, argued that the global energy shock caused by the Middle East conflict would only worsen inflation that was already too high.

Inflation expectations were already rising and needed to be quickly got on top of, or they risked becoming unanchored.

But the four doves argued it would be wiser to wait and see until May, given all the uncertainty.

“This would have given us an opportunity to consider more data on inflation and the labour market,” Ms Bullock said.

“And it would also have perhaps provided a bit more clarity on the potential impact of the conflict in the Middle East.”

While that much is known, the meeting minutes, to be released on Tuesday, could provide more insight into how likely another increase will be in May.

“Of most interest will be elements that shed light on any potential terminal level for the cash rate and the arguments for and against the March tightening,” economists from ANZ Bank said.

The four dissenters may have agreed another hike was needed, albeit in May rather than March, but now that it’s flowing through the economy, will they be satisfied the job is done for now?

If so, all they need is one more hawk to flip to scupper another hike in May.

They may be convinced that the longer the war drags on, the greater it will push down on economic growth, threatening the other side of the bank’s dual mandate.

“There is a risk some board members weight the downside risks to jobs and unemployment more heavily, leading to less tightening,” economists from Commonwealth Bank said.

Markets have scaled back bets for a May rate rise in the days since the last meeting but are still pricing the chance of a hike at more than two thirds.

One thing the RBA board will be keeping a close eye on ahead of its next meeting will be the labour market.

Ms Bullock said there was general agreement the jobs market was in a much better place than the board previously thought, tipping the risks more towards the inflation side of the mandate than the employment side.

Job vacancy data, to be released on Thursday by the Australian Bureau of Statistics, will therefore be closely watched for signs of a pick-up in labour demand, said National Australia Bank economists Jessie Cameron and Josh Copeland.

The ABS will also release February building approvals figures on Wednesday.

ANZ expects a six per cent increase following a 7.2 per cent fall in January.

Meanwhile, the risk appetite of Wall Street investors understandably remains damp thanks to the Middle East conflict.

Each ‌of the three major US indexes closed on Saturday Australian time at their lowest levels in more than seven months.

The Dow Jones fell 793.47 points, or 1.73 per cent, to 45,166.64, the S&P ⁠500 lost 108.31 points, or 1.67 per cent, to 6,368.85 and the Nasdaq tumbled 459.72 points, or 2.15 per cent, to ‌20,948.36.

Australian share futures dipped 65 points, or 0.76 per cent, to 14,263.

The S&P/ASX fell 9.4 points on Friday, down 0.11 per cent, to 8,516.3, as the broader All Ordinaries lost 13.7 points, or 0.16 per cent, to 8,712.8.

Australians are again being urged to use common sense at the fuel pump as the government prepares special powers to help improve supply across the country.

Emergency laws will be introduced to federal parliament on Monday which would allow the government to underwrite fuel suppliers seeking stock from across the world and bringing it to Australia.

The government will not pay for the fuel but rather use public funds as insurance for companies having to buy supplies as prices skyrocket.

Ongoing uncertainty about the Iran War, which has driven up prices and dwindled supplies amid a blockaded Strait of Hormuz, has caused the government to propose the special powers.

Prime Minister Anthony Albanese says Australia’s fuel supplies are stable and will remain so for coming weeks.

However the powers will help the nation to be “overprepared” for ongoing conflict.

“This isn’t about dealing with something that will happen next week, this is prudent planning, this is about being overprepared,” he said on Saturday.

“It’s a really practical measure so that if there’s a cargo ship out there available from a nation like Korea that is being bid upon, then the private sector can do that with the confidence that comes from government support in order to secure that additional supply.”

Australia currently has 39 days of petrol, 30 days of diesel and 30 days of jet fuel in stocks.

But people should not feel the need to stockpile fuel for themselves, with Mr Albanese calling on individuals and businesses to use common sense.

“People need to take what they need and no more,” he said.

“I don’t want things to be mandated but common sense should apply as well.

“There are more people working from home who are able to do so, that makes sense. There are more people catching public transport than before (and) that also makes sense.”

In Victoria, the state government will make public transport free for the next month to help people feeling the pinch when filling up their cars.

Passengers will not have to touch-on their myki travel card and all public transport gates will be open from Tuesday, March 31.

Trains, trams and buses are expected to get busier but the government says thousands of extra services have been added to the network to meet demand.

“This is a temporary measure to help with the cost of living; it will take pressure off the pump and help you save,” Premier Jacinta Allan said.

“This won’t solve every problem but it’s an immediate step to help Victorians right now while we keep working on new solutions to make Victoria more affordable.”

Georgia’s Fulton County has assailed the credibility of ‌the FBI’s investigation into the 2020 US election as it urged a judge to order the return of ballots federal authorities seized in pursuit of President Donald Trump’s false claims of ‌widespread voter fraud.

At a hearing in Atlanta federal court on Friday, lawyers for Fulton County put on the witness stand Ryan Macias, an elections expert who advised the county in 2020. He ‌told the judge the federal government’s evidence was not “based in reality”.

An affidavit an FBI agent used to secure a warrant to search the county’s election centre in January “does not make sense” and relies on witnesses “who don’t know how elections are conducted,” Macias said.

The testimony was part of the county’s effort to convince US District Judge JP Boulee that the seizure of more than 600 boxes of 2020 election ballots, approved by a magistrate judge, showed a “callous disregard” for its rights under the US Constitution.

The search of the facility, attended by ‌Director of National Intelligence ‌Tulsi Gabbard, showed how the ⁠Trump administration has deployed US law enforcement and intelligence authorities to reinvestigate his loss to Democrat Joe Biden.

Trump has ​falsely claimed that his defeat in 2020 was marred by large-scale voter fraud and has sowed doubts about the security of US elections ahead of the November midterm elections.

Boulee appeared sceptical of at least some of Fulton County’s arguments, questioning whether the county had shown a need to have original copies of the material.

He also noted the FBI included some “contrary information” in the warrant affidavit, including summarising past reports that found no evidence of fraud or intentional wrongdoing.

“How far does the affidavit have to go” in including information that cuts ⁠against the FBI’s case, Boulee asked, challenging Fulton County’s claim the document omitted key facts.

Tysen ‌Duva, the head ​of the Justice Department’s Criminal Division, argued that Fulton County faces a daunting legal bar in showing that the search was improper and had not cleared it.

Duva dismissed Macias’ ​testimony as a ‌disagreement about the evidence and highlighted his lack of involvement in the FBI’s probe.

“There is enough in this affidavit to stand,” Duva told the judge.

During the search, FBI ​agents seized a large volume of material related to the 2020 election from the county’s election centre in Union City, Georgia, including original 2020 ballots.

Authorities cited alleged “deficiencies or defects” with the 2020 vote, including claims that some digital images of ballots were missing and some absentee ballots did not appear to have been ​folded ​as required.

The investigation began with a referral from Kurt Olsen, a lawyer ​who aided Trump’s attempts to overturn the 2020 election and has since been tasked ‌by the White House with re-examining the vote.

Prosecutors cited potential violations of a records retention law and a law that criminalises attempts to deprive or defraud residents of a fair election.

The prospect of more Trump administration probes into the midterm congressional elections this year loomed over the hearing.

Abbe Lowell, a lawyer for Fulton County who is representing several Trump adversaries being investigated by the Trump administration, warned the Justice Department’s arguments could allow the federal government to “come into hundreds if not thousands of election centres” around the country.

Fulton County, a ​Democratic stronghold in a state that has become hotly contested in presidential elections, became the centre of conspiracy theories and fraud claims spread by Trump and his allies ​following the 2020 election.

Biden’s wide margin in ⁠Fulton County was key to flipping Georgia in Democrats’ favour. The state swung back to Trump in 2024.

Twenty years ago, Sydney became the birth place of one of the world’s best-known viral environment campaigns.

In 2007, public awareness of climate change was sharpening.

Scientific consensus on the culprit – human greenhouse gas emissions – was hardening and former US vice president Al Gore’s landmark documentary An Inconvenient Truth was making waves.

At the same time, scepticism and denial was still prevalent. 

Earth Hour, spearheaded by the World Wildlife Fund, Leo Burnett and Fairfax Media, was aimed at rallying the public behind the climate cause through a highly-visible, symbolic gesture of their support: switching off the lights.

More than 2.2 million people and 2000 businesses in Sydney took up the cause and stayed in the dark for an hour.

Such was the impact, the campaign rapidly spread worldwide to become an annual calendar fixture.

WWF global president Adil Najam, who is in Australia meeting with local colleagues, says Earth Hour’s message is about far more than conserving energy. 

“It is clear that, you know, one hour once a year, is not what’s going to save the planet,” he told AAP.

Earth Hour is more about reminding people they have agency to contribute to something bigger, he said.

It also keeps pressure on governments to act on climate and environmental issues by illustrating the scale of support.

The high-profile environmental group has long encouraged participants to go beyond the hour without non-essential lights and pair it with tangible action like joining community cleanups or tree-planting projects.

Reflecting on the climate and environment movement in 2026, Dr Najam says Earth Hour’s call to action has never been more pivotal. 

The planet is already living through the consequences of climate change: World Meteorological Organization data shows the past 11 years have been the hottest on record, fuelling weather extremes, sea level rise and stressed coral reefs and other ecosystems. 

Yet the world also now has the affordable clean energy technologies necessary to move away from fossil fuels. 

The transition is well under way but not fast enough to meet international commitments to limit warming to 1.5C above pre-industrial temperatures.

Dr Najam said now was the time to be more hard-nosed about action and impact, a notion reflected in last year’s United Nations climate talks in Brazil dubbed the “Implementation COP”.

“Moving from meeting to meeting and report to report is extremely important,” he said.

“But unless it translates into action and unless action can demonstrate impact, we are in danger of not only losing momentum but losing our moment on Earth.”

The climate expert will be in Sydney for the 20th anniversary of Earth Hour to watch the Opera House plunge into darkness, followed by other recognisable monuments and buildings worldwide.

“The Sydney Opera House has, in many ways now, become the symbol of the Earth in ways that people certainly may not fully even recognise,” he said

Australia’s lights will go off between 8.30pm and 9.30pm AEDT on Saturday.

Larissa Carnegie felt powerless as the social media profile she had tirelessly built was reduced to nothing more than an error message.

The Brisbane hairdresser was devastated to discover she had lost accounts boasting thousands of followers after allegedly breaching community guidelines related to sexual exploitation. 

Although they have since been reinstated, almost 12 months later, she considers herself one of the fortunate few.

“I felt like I was in a fever dream the other morning when I woke up. It’s been such a weird whirlwind having my accounts back,” Ms Carnegie tells AAP.

Small business owners are increasingly reporting being shut out of accounts, with little support available to help them find their way back.

The result can mean serious financial and operational consequences.

Ms Carnegie had been trying to retrieve her accounts, both business and personal, after they were flagged in June last year.

As days turned into weeks and weeks into months, she found she had no clear way to contact Meta to resolve the issue, all while her business nosedived.

She ended up paying for Meta-verified, in a bid to speak with an employee from the one of the world’s largest tech companies.

“For literally six months, no one was able to help me through Meta Help Centre,” she recalls.

“They kept saying it was a different department that deals with it, it was out of their jurisdiction and they couldn’t really help me.

“I never got any answers.”

Six months later, she was handed a final decision from the tech giant: her account was officially disabled as a result of breaching community standards on child sexual exploitation, abuse and nudity. 

“They just took my Instagram and because it said I violated community guidelines, even though I was never given any proof or evidence, or any understanding as to why it was taken,” says the Brisbane creative.

“It’s such a sensitive topic and being accused of it without any evidence was really shocking.”

The impact of the decision was crippling for Ms Carnegie, who relies heavily on social media to showcase her portfolio and attract clients.

She describes social media as her main point of contact with customers and a space where she can build rapport and make booking quick and easy.

“Our Instagram is basically our portfolio; anytime a client comes in, they’ve always got Instagram images saved from other pages of hairstylists of their inspo,” Ms Carnegie explains.

“Not having that or being able to post made it really difficult to keep in contact with clients and also to promote my business. 

“I’ve just lost money left, right and centre because I can’t promote myself.”

Ms Carnegie’s accounts were reinstated shortly after AAP contacted Meta with questions on Wednesday.

The Telecommunications Industry Ombudsman reported a 20 per cent increase in digital platform complaints, including those involving Meta, in 2025 compared to the previous year. 

A total of 719 complaints were recorded, with 244 lodged just in the final three months of the year. 

The majority related to issues accessing accounts.

“Despite the growing number of people approaching the TIO for help in this area, we are unable to escalate or resolve these complaints, as digital platforms remain outside our jurisdiction,” the latest industry ombudsman’s report found. 

There has been a significant increase in small businesses having their accounts deactivated by digital platforms over alleged breaches of community standards relating to child sexual exploitation, according to Small Business and Family Enterprise Ombudsman Bruce Billson.

To address the issue, he believes the platforms need to provide clear, appropriate and easily accessible help.

“The reality is an increasing number of small and family businesses are reliant on these platforms as their channel to their marketplace, their customers, their storytelling and their communication,” he tells AAP. 

“To have that deactivated is effectively like being blocked from engaging in trade and commerce.

“That’s a very significant action to take and there should be greater scrutiny about those steps, particularly where Meta can identify that.”

Meta executives continue to work with authorities to find a timely resolution of matters for small businesses, Mr Billson adds. 

Social media accounts are currently screened by a combination of people and technology at Meta who find and remove accounts that break rules.

Technology is also used to identify signals of potentially suspicious behaviour, such as when adult accounts are reported or blocked by teen accounts, or search for violating child safety terms.

Meta maintains that if an account or piece of content is removed in error, they will restore it.

“We take action on accounts that violate our policies and people can appeal if they think we’ve made a mistake,” a Meta spokesperson told AAP.

But that hasn’t been the case for Sydney creative Jazmyn Gillies, who says she’s given up hope of ever getting her business account back.

The 26-year-old was locked out of Instagram just days after launching her events business in May.

“Maybe two weeks before the first event, it crashed, and I was kicked out for child sexual exploitation, which is crazy,” Ms Gillies says. 

“I was locked out. I didn’t just lose my business account, I lost my personal account, which is what I was relying on to promote my new brand.

“It was just a really bad timing for me.”

The Sydneysider has tried everything to get her accounts back, from buying verification to even considering paying external services for help, though she felt they were taking advantage of her. 

She’s since started a new account but her old one had more than 6000 followers, built up while working in Los Angeles and New York. 

Those connections were crucial to her continued success.

“It’s obviously been quite tough,” she says. 

For now, Ms Gillies has given up and is trying to accept the hand she has been dealt.

“I’ve been so disappointed for months and months,” she says. 

“This has taught me, don’t build your house on borrowed land, or an app that you can’t really rely on.” 

Chinese car maker BYD says its annual sales have risen to a record high, outpacing Tesla’s, but its profit fell for the first time since 2021 under pressure from cutthroat competition.

BYD, the largest electric vehicle maker, has been expanding into global markets including Latin America and Europe, where car analysts say profit margins are typically higher than in China.

It is also banking on cutting-edge technology upgrades to grow appeal, announcing a new powerful fast-charging battery days ahead of its earnings report.

With competition inside China at punishingly high levels, analysts foresee a tough road ahead this year.

But in a boost for EV makers, higher oil and petrol prices due to the Iran war are starting to recharge interest in renewable energy.

BYD annual sales reached $US116 billion ($A169 billion), the company said on Friday.

Domestic sales have been declining recently for Shenzhen-based BYD, which overtook Tesla in 2025 as the world’s biggest EV maker, selling 2.26 million electric vehicles last year, up 28 per cent from a year earlier.

Tesla said it delivered 1.64 million vehicles, down nine per cent.

The Chinese company’s revenue grew 3.5 per cent to 804 billion yuan ($A169 billion) in 2025, another record, eclipsing rival Tesla’s full year revenue of $US94.8 billion.

However, BYD said its annual profit was 32.6 billion yuan last year, down 19 per cent from 2024.

The company last booked a profit decline in 2021.

The Chinese car group has reported six straight months of declining sales.

Total sales in January-February fell 36 per cent year-on-year to 400,241 units, as higher overseas sales did not offset persistent weakness in domestic demand.

“They cannot rely on mass market EVs to help them keep the same volume that they were selling,” said Chris Liu, a Shanghai-based senior analyst at advisory group Omdia.

A fierce price war in China, the world’s biggest car market, has hurt BYD’s profitability, and rivals such as Geely Auto were gaining ground in early 2026.

“We also recognise that competition in the NEV (new energy vehicle) industry has reached a fever pitch, and is undergoing a brutal ‘knockout stage’,” chairman Wang Chuan-fu wrote in its earnings report on Friday.

Wide-reaching government subsidies meant to encourage Chinese drivers to switch to EVs have been extended but are scaled back this year, putting pressure on car makers.

Expectations are that the Iran war and the global energy shock would push more people to switch to EVs, with the likes of BYD standing to gain at home and overseas.

BYD shares traded in Hong Kong have fallen more than 20 per cent over the past year but have been rising in March.

Overseas, BYD plans to keep growing its global market share to hone its profits.

It has made inroads in the United Kingdom, Brazil and Argentina and is aiming to sell about 1.3 million vehicles overseas in 2026, up from about 1.05 million last year.

Its strategy in building and expanding factories overseas will also help boost its international market growth, said Claire Yuan at S&P Global Ratings.