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--FILE--People visit the stand of Chinese top electric carmaker BYD during the Shanghai Pudong International Automotive Exhibition 2018 in Shanghai, China, 28 September 2018. Chinese top electric carmaker BYD Co, which is backed by US investor Warren Buffett, said on Monday it expected full-year net profit to drop almost one-third as competition heats up in the world's largest auto market. China's market for electric vehicles (EVs) is booming, but profits in the sector have been squeezed by intense competition among established makers and start-up rivals, as well as moves by the government to slash subsidies. BYD, based in Shenzhen, South China's Guangdong Province, posted a 1.9 percent fall in third-quarter net profit to 1.05 billion yuan ($150.97 million). That was the smallest quarterly drop since the end of 2016, but it said 2018 profit would be between 2.73 billion yuan and 3.13 billion yuan, down by as much as 32.94 percent. First-half profits at BYD, which makes battery electric and plug-in hybrid cars as well as public transport vehicles and batteries, plunged more than 70 percent, hit by the drop-off in policy support for new-energy vehicles (NEVs). The carmaker said then it hoped profitability would improve in the second half of the year.
Location: Shanghai, , China
Post Date: Nov 1, 2018 3:18 AM
TAG ID: ichphotos428985 (RM)
Credit: Imagine China/Newscom
Format: 5325 x 3550 Color JPEG
Keywords: China, Chinese, carmaker, automaker, auto, car, vehicle, EV, electric vehicle, electric
Release Status: No Model Release, No Property Release
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