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BYD profits slump as Beijing cuts green subsidies
Reuters | 2018/8/31

BEIJING -- BYD Co. posted a 72 percent decline in first-half profits after Beijing in early 2018 reined in subsidies and other policy support for green energy vehicles.

The Shenzhen EV maker, whose products include battery electric and plug-in hybrid vehicles, posted a net profit of 479 million yuan ($70 million), down from 1.72 billion yuan a year earlier.

BYD sold 75,800 new energy vehicles between January and June, a gain on 121 percent from a year earlier.

It sold 138,700 gasoline-powered vehicles, up 11 percent.

Revenue rose to 54.15 billion yuan from 45.04 billion.

The company said, however, that it expects profitability on new energy vehicles to improve in the second half, reflecting new subsidy standards that were put into effect in June.

BYD, whose models include the Song series and Qin plug-in hybrid, has been trying to move to all electric-powered vehicles. However, it is facing battery shortages and is in the process of building several new battery manufacturing sites.

There have been many new entrants to China's NEV sector in recent years, prompting the government to start warning of overcapacity risks and potential "blind development" in the sector.

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