BYD Sees Profits Squeeze As China Cuts Back Generous EV Subsidies

By Jon LeSage Chinese electric carmaker BYD is feeling the pinch from the national government scaling back on generous subsidies.
The company, backed in part by Berkshire Hathaway investor Warren Buffet, anticipates net profits will drop up to 25 percent for the first nine months due to China’s cutting down its “new energy vehicle” subsidies for manufacturers and consumers – and from increasing market competition.
The Shenzhen-based automaker posted net profits of 1.72 billion yuan ($259.9 million) for the first six months of this year. Analysts had predicted it would be 1.82 billion yuan ($274.4 billion).
Vehicle sales fell 14.8 percent to 183,637 units sold, according

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