BYD’s annual profits fell for the first time in four years, piling pressure on the world’s biggest electric vehicle maker to keep boosting exports as growth in China decelerates.
Chair Wang Chuanfu warned that competition in China’s EV market had reached “fever pitch and is undergoing a brutal ‘knockout stage’” in a reference to the savage price war in the domestic car market.
The Shenzhen-based group on Friday reported full-year net profit of Rmb32.6bn ($4.72bn), down almost a fifth from the previous year and worse than analysts’ expectations of Rmb35.6bn compiled by Bloomberg.
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