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Monday, 03/02/2015 3:55:29 PM

Monday, March 02, 2015 3:55:29 PM

BYD's 2014 profit drops 21% on stiff competition, soft vehicle sales
Automotive News China | 2015/3/3

BYD Co.'s profit plunged 21 percent to 438 million yuan ($70 million) in 2014, according to the company's preliminary financial report.

The Shenzhen automaker blamed lower profit on fierce competition and slower growth of China's market for gasoline-powered vehicles.

The company did not disclose its 2014 vehicle sales. But LMC Automotive, a market consultancy, estimates that BYD sales of electrified vehicles and gasoline-powered cars declined 14 percent to 437,725 vehicles.

BYD is a leading producer of EVs and plug-in hybrids. According to Haitong Securities Co., a Shanghai-based securities firm, the company sold 20,972 electric vehicles and plug-in hybrids last year.

BYD is listed in Hong Kong and Shanghai. It is partly owned by U.S. billionaire Warren Buffett.