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
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 to so-called new-energy vehicles (NEVs), triggering a rush of companies looking to tap into poten…
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