Global EditionASIA 中文双语Français
Business
Home / Business / Motoring

BYD net profit down 42% in 2019

Xinhua | Updated: 2020-04-02 11:12
Robotic arms paint a car at the BYD Automobile Company Limited Xi'an plant, in Shaanxi province, Dec 25, 2019. [Photo/Agencies]

SHENZHEN - China's leading new energy vehicle (NEV) manufacturer BYD said its net profit fell 42 percent year-on-year in 2019 on falling sales and scaled-back subsidies.

Net profit totalled 1.61 billion yuan ($227 million) last year, compared to 2.78 billion yuan in 2018, BYD said in its preliminary earnings estimate filed to the Shenzhen Stock Exchange.

Meanwhile, it generated a revenue of 127.74 billion yuan, down 1.78 percent year-on-year.

BYD said the earnings decline was mainly due to industry and policy changes and increases in research and development spending.

Its NEV sales declined 7.39 percent year-on-year to 229,506 units in 2019, the carmaker said in early January. This came amid the cut in government subsidies by the largest margin and a broader weak automobile demand in the world's largest auto market last year.

BYD's shares fell 4.75 percent in Shenzhen on Wednesday when the benchmark Shanghai Composite Index closed 0.57 percent lower.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US