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Monday, August 25, 2014 3:40:43 PM
Reuters Aug 24, 2014, 04.37PM IST
(BYD and other Chinese carmakers such…)
SHANGHAI: Chinese carmaker BYD Co Ltd, backed by US billionaire Warren Buffett, posted a 15.5 per cent drop in first-half net profit on Sunday as sluggish sales of gasoline cars offset a surge in its electric vehicle business.
BYD and other Chinese carmakers such as Geely Automobile Holdings Ltd and Chery Automobile Co Ltd are losing market share to foreign rivals Volkswagen AG , General Motors Co and Ford Motor Corp as competition grows in the lower-end of China's auto market.
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