Chinese electric vehicle maker BYD Co Ltd reported preliminary net profit for 20...
HONG KONG - Chinese electric vehicle maker BYD Co Ltd reported preliminary net profit for 2018 that was 31.4 percent lower than a year earlier, pinning the blame on intensifying competition in the world’s biggest auto market.
The result comes as China’s market for new energy vehicles is booming, but profit in the sector is being squeezed by competition between established automakers and a multitude of startups, as well as the government’s reduction of subsidies. The automaker, backed by U.S. investor Warren Buffett, also said orders and profit in its smartphone component and assembly business were affected by weak demand and competition.
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