October 29, 2011 by Tycho de Feijter
BYD Co Ltd , a Chinese carmaker backed by U.S. billionaire Warren Buffett, reported an 85.5 percent plunge in earnings for the first nine months as it struggles to revamp its over-stretched dealer network amid a slowing market.
The outlook for the remainder of the year remains dim as Beijing’s policy changes may further damp auto demand in a market that has already eased to a 3.6 percent gain in the first three quarters, after years of breakneck expansion.
August 31, 2011 by Tycho de Feijter
Chinese battery and automaker BYD Co Ltd is planning large-scale layoffs of its workforce to weather a sharp dive in sales and earnings in the first half, said a Chinese website on Tuesday.
The Shenzhen-based company, backed by US billionaire Warren Buffett, will downsize its automotive sales division by up to 70 percent, according to eeo.com.cn, a website owned by the Chinese business newspaper the Economic Observer News.
August 30, 2011 by Tycho de Feijter
Chinese car and battery manufacturer BYD Co is reporting an 89 percent fall in first-half net income due to sluggish sales. The Shenzhen-based company had just 275 million yuan in net income in the first six months of this year compared with 2.4 billion yuan a year ago.
Its vehicle sales between January and June dropped 23 percent from a year earlier to 222,000 units. The company said that expiration of government incentives for small cars and increasing competition are the main reasons for the sales plunge.
August 27, 2011 by Tycho de Feijter
Chinese car maker BYD, which is backed by US investment titan Warren Buffett, said Friday it plans to sell up to six billion yuan ($938.8 million) in bonds to repay loans and boost its coffers.
The announcement comes after BYD reported this week that first-half net profit slumped 89 percent on year to 275.4 million yuan due to stiff competition and the cancellation of government subsidies for car purchases.
August 25, 2011 by Tycho de Feijter
BYD Co’s profit warning and failure to deliver its promised electric car plan sent shares plunging to a more than two-year low, as the Chinese auto and battery maker backed by Warren Buffett struggles with steady sales declines and waning popularity of its top model.
Shares in BYD plummeted more than 14 per cent on Tuesday after the company warned it could post a third-quarter loss.
August 24, 2011 by Tycho de Feijter
Warren Buffett has a Chinese car problem, and he may be tempted to fix it himself — at a cost of billions of dollars.
At the depths of the financial crisis in September 2008, Buffett bought nearly 10 percent of Chinese car and battery maker BYD Co Ltd, an investment suggested by his partner Charlie Munger and heartily endorsed by his then-lieutenant David Sokol.