Chinese EV maker BYD, backed by one of world's richest man, faces troubled times
Chinese electric vehicle maker BYD Co Ltd,, which is backed by U.S. investor Warren Buffett, on Tuesday reported a 85% drop in the first quarter net profit as coronavirus epidemic hit the world's biggest auto market.
BYD reported 112.6 million yuan ($15.92 million) net profit in the first three months this year, down from 749.7 million yuan a year earlier. Its revenue dropped 35% year-on-year to 19.68 billion yuan in the first quarter.
Its profit fell 42% last year as electric subsidies cut hit market demands.
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Sales of the Shenzhen-based car company, which has partnerships with Japan's top automaker Toyota and German Daimler's partner in China, fell by 48% to 61,273 vehicles in the first quarter.
In a stock exchange filing it expected profit in the first six months this year to rise by 10% to 23.8%, as it thinks sales will gradually recover off a coronavirus low.