BYD records first annual profit decline in four years
BYD reported a 19 percent drop in annual net profit to 32.6 billion yuan. This first decline in four years comes as revenue growth slowed to 3.5 percent.
BYD Company Limited has reported its first annual profit decline in four years, signaling a slowdown for the top electric vehicle manufacturer in China. The company's net profit dropped 19% to 32.6 billion yuan ($4.72 billion), according to a filing with the stock exchange on Friday. This figure fell short of market expectations, as analysts had projected a more moderate 12.1% decrease.
Revenue growth for the year reached 3.5%, representing the weakest expansion rate the automaker has seen in six years. The financial results highlight the challenges facing the industry as sales momentum softens in the world's largest automotive market.
