BEIJING -- Electric vehicle maker BYD Co. on Tuesday reported a 85 percent drop in first-quarter net profit as the coronavirus epidemic hit the world's biggest auto market.
BYD reported 112.6 million yuan ($15.92 million) in net profits during the first three months, down from 749.7 million yuan a year earlier. Revenue dropped 35 percent to 19.68 billion yuan in the first quarter.
In 2019, the company's profits fell 42 percent as cuts in EV subsidies hit market demand.
Sales at the Shenzhen-based car company, which has partnerships with Toyota Motor Corp. and Daimler, fell by 48 percent to 61,273 vehicles in the first quarter.
In a stock exchange filing, BYD said it expected profit in the first six months to rise by 10 percent to 24 percent, as sales gradually recover from lows prompted by the coronavirus.
Source: This news has been taken from https://www.autonews.com/
