BYD profits for the first half of 2012 fell by 94%

Article by Christian A., on August 30, 2012

BYD’s profit for the first half of 2012 fell by 94%, attributed to the drop in Chinese auto sales domestically and internationally. BYD, a Chinese car and battery manufacturer, is 10%-owned by American investor Warren Buffett. It estimates that overall losses for 2012 will be about 75% to 95%. BYD enjoyed the booming years of 2009 and 2010 but it struggled with the impact of the declining economic condition.

BYD’s net income fell from 275.4m Yuan (£27.4m) between January and June 2011 to 16.3m Yuan (£1.6m) for the same period in 2012. BYD said that its business is “fairly directly affected” by the shifting economic conditions domestically and overseas. The demand for BYD’s core businesses in key markets is affected by the future downward pressure on the international and Chinese economies.

Its performance is also affected to a certain degree. The surge in Chinese car sales, which earned it the title of the world’s biggest auto market in 2009, stopped in the middle of 2010 when the Chinese government discontinued its subsidies for buying a car. Another factor that made BYD’s status worse is its solar panel business, which incurred huge losses.

Topics: byd, profit

If you liked the article, share on:

Comments

Recommended

One of the main features that have appealed to Cadillac’s customers is its Cadillac User Experience system or CUE. This is once again expected to change as the brand recently...
by - February 22, 2017
Ever since the Regera premiered in 2016, Koenigsegg has been firm about increasing its coverage around the globe. Part of the idea was to ask its employees in Angelholm to...
by - February 21, 2017
There is no harm in admitting that both the conventional and the hybrid versions of the Lexus LC 500 are real stunners when it comes to its exterior styling. Even...
by - February 21, 2017
Jaguar is placing three new Ingenium engines on the F-Pace crossover, XF saloon and XE sedan for the 2018 model year. According to Jaguar’s recent announcement, the updates will also...
by - February 21, 2017
After Volkswagen snagged Toyota’s crown as the world’s best-selling automaker, there’s no stopping the Japanese manufacturer from dominating the hybrid arena. As of January 31st , Toyota’s increasing global unit...
by - February 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries