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Chinese electric vehicle maker BYD’s third-quarter profit drops 27.5% -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a man riding past the entrance to BYD’s headquarters in Shenzhen, Guangdong, China. October 25, 2019, REUTERS/Yilei Sun

BEIJING (Reuters) – Chinese electric vehicle manufacturer BYD Co. (OTC) Ltd (backed by Warren Buffett) reported a 27% drop in net profits for the third quarter.

BYD posted a 1.27billion yuan ($198.54m) net profit for the three months ended Sept. 30, which was down from the 1.75billion yuan recorded in the previous year.

BYD (which has partnerships with Japan’s largest automaker Toyota, and Germany’s Daimler (OTC) in China), reported that its operating income increased 22% to 54.31 trillion yuan.

Shenzhen’s car manufacturer, which launched a customized EV model to ride-hailing service with China’s Didi in 2013, sold 452,744 vehicles within the first nine months of this year. That is 63% more than last year thanks to plug-in hybrids.

($1 = 6.3968 renminbi)

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