BYD Expects a Profit Fall of 98%, Compared to 2011
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The company, part-owned by Warren Buffet’s Berkshire Hathaway investment fund reported a 94% drop in Q3 profits, and expects the fall to worsen by the years’ end. Aside from the less-than-booming Chinese economy, another reason for the dramatic drop is the aging range of models that BYD is offering, which have now been surpassed by both Chinese and especially foreign cars which are arriving in their millions in China.
An official BYD statement said: “Sales in the Chinese car industry started to slow this year as the economy’s growth prospects dimmed, and the company faced a lot of competitive pressure in the market. Global demand for solar energy was also weak, leading to a big fall in our sales.”
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