BYD's 2014 profit drops 21% on stiff competition, soft vehicle sales
BYD Co.'s profit plunged 21 percent to 438 million yuan ($70 million) in 2014, according to the company's preliminary financial report.
The Shenzhen automaker blamed lower profit on fierce competition and slower growth of China's market for gasoline-powered vehicles.
The company did not disclose its 2014 vehicle sales. But LMC Automotive, a market consultancy, estimates that BYD sales of electrified vehicles and gasoline-powered cars declined 14 percent to 437,725 vehicles.
BYD is a leading producer of EVs and plug-in hybrids. According to Haitong Securities Co., a Shanghai-based securities firm, the company sold 20,972 electric vehicles and plug-in hybrids last year.
BYD is listed in Hong Kong and Shanghai. It is partly owned by U.S. billionaire Warren Buffett.
The company did not disclose its 2014 vehicle sales. But LMC Automotive, a market consultancy, estimates that BYD sales of electrified vehicles and gasoline-powered cars declined 14 percent to 437,725 vehicles.
BYD is a leading producer of EVs and plug-in hybrids. According to Haitong Securities Co., a Shanghai-based securities firm, the company sold 20,972 electric vehicles and plug-in hybrids last year.
BYD is listed in Hong Kong and Shanghai. It is partly owned by U.S. billionaire Warren Buffett.
