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China carmaker BYD sees 2017 profit down as much as 20%

Shares for Berkshire Hathaway-backed company fall as it faces stiffer competition in hybrid and electric car markets

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BYD, which has invested heavily in hybrid and electric vehicles, has forecast full-year net profit would fall by between 15.1 per cent to 20 per cent to a range of 4.04 billion yuan (S$828.5 million) to 4.29 billion yuan.

Shanghai

CHINESE carmaker BYD Co Ltd, backed by Warren Buffett's Berkshire Hathaway Inc, said on Sunday that its annual profit would likely fall by as much as a fifth amid rising competition in the hybrid and electric car markets.

China has set strict targets for carmakers to shift

sentifi.com

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