The company blamed the slide on slowing car sales both in its home Chinese market and internationally.
Shenzhen-based BYD is 10% owned by the billionaire US investor Warren Buffett.
The huge growth enjoyed by the Chinese car industry in 2009 and 2010 has slowed down significantly.
"Our business is fairly directly affected by the changing economic situation at home and abroad," the company said.
"The future downward pressure on the global and Chinese economies may affect demand for our core businesses in key markets, and would affect our performance to a certain extent."
Net income slumped to 16.3m yuan ($2.6m; £1.6m) from January to June, compared to 275.4m yuan in the same period a year earlier.
BYD had warned earlier this year that it expected profits to fall between 75% and 95%.
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