Home > Auto > News > Chinese EV maker BYD, backed by one of world's richest man, faces troubled times
In this April 16, 2019, file photo, attendees take a close look at cars from BYD at the Auto Shanghai 2019 show in Shanghai. (AP)
In this April 16, 2019, file photo, attendees take a close look at cars from BYD at the Auto Shanghai 2019 show in Shanghai. (AP)

Chinese EV maker BYD, backed by one of world's richest man, faces troubled times

  • 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.

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.

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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.

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.

  • First Published Date : 29 Apr 2020, 08:49 AM IST