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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
Add BT as a preferred sourcePublished Mon, Oct 30, 2017 · 09:50 PM
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 potential demand for less-polluting cars in the world's biggest auto market.
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