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BYD's electric crossover
 
BYD '18 profit falls behind lower margins on gasoline models
Automotive News China | 2019/3/1

BYD Co., China¡¯s largest electrified vehicle maker, said net profit fell 31 percent in 2018 even though revenue jumped 23 percent. 

Net profit fell short of 2.8 billion yuan ($417.7 million) while revenue topped 130 billion yuan, according to preliminary financial results BYD released Tuesday.

The main reason for the steep profit decline was fierce competition on the domestic new-vehicle market, with industry volume falling and squeezing the profitability of gasoline vehicles, BYD noted. 

Weak demand at its mobile phone component business and increased losses of its solar panel unit also contributed to the profit slump, it added.

In 2018, BYD¡¯s vehicle sales advanced 27 percent to 520,687 behind demand for EVs and plug-in hybrids. 

During the year, sales of the company¡¯s gasoline-powered vehicles dropped 7.8 percent to 272,876 while deliveries of EVs and plug-in hybrids surged 118 percent to 247,811. 

BYD, based in the south China city of Shenzhen, is listed in Shenzhen and Hong Kong. It is partly owned by U.S. billionaire Warren Buffett. 

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