SHANGHAI, April 24 Warren Buffett-backed Chinese
carmaker BYD Co posted an 89 percent drop
in first-quarter earnings on Thursday, hit by falling vehicle
BYD and other Chinese carmakers, including Geely Automobile
Holdings and Chery Automobile Co, are
losing market share to foreign rivals such as Volkswagen
, General Motors and Ford.
The company's net income during the first three months of
the year fell to 11.97 million yuan ($1.92 million), against 112
million yuan a year earlier, it said in an exchange filing.
BYD, best known for its electric vehicles but still heavily
reliant on traditional gasoline-powered cars, forecasts 350-490
million yuan in first-half earnings this year, compared with
426.9 million yuan a year earlier, saying it expects falling
vehicle sales during the period.
($1 = 6.2376 Chinese Yuan)
(Reporting by Samuel Shen and Adam Jourdan; Editing by David