Buffett-backed BYD warns on 2019 profit as Chinese market contracts [Reuters (UK)]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Reuters
Buffett-backed BYD warns on 2019 profit as Chinese market contracts - Reuters 2 Min Read BEIJING (Reuters) - Chinese electric car maker BYD Co Ltd said on Tuesday it expected full-year net profit to fall by as much as 43%, as sales of new energy vehicles in the world’s biggest auto market plunged following a cut in government subsidies. The Shenzhen-based company, which is backed by U.S. investor Warren Buffett and whose products include battery electric and plug-in hybrid vehicles, posted net profit of 119.72 million yuan ($16.95 million) in the third quarter, down 88.6% from 1.05 billion yuan a year earlier. It said 2019 profit would be between 1.58 billion yuan and 1.77 billion yuan, down from 2.78 billion yuan a year earlier. “As subsidies on new energy vehicles drop sharply, sales of new energy vehicles are falling short of expectations. It is expected that the profit of the company’s new energy vehicle business will also decline to a certain extent compared with the same period
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