New energy carmakers adjust to subsidy cuts

SHENZHEN - Over the past few months, many new energy vehicle manufacturers in China have found themselves in an unfamiliar situation: sales continue to increase, but profits are significantly declining.

In the first quarter of 2018, 143,000 new energy vehicles were sold in China, up 154 percent compared with the same period last year, according to the Ministry of Industry and Information Technology.

However, BYD, a Chinese new energy vehicle maker in China, posted profit of 102 million yuan ($16.2 million), down 83 percent compared with the same period last year.