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China’s NEV leader BYD sees Q3 profits plunge

Sales of new-energy vehicles (NEVs) in China continue to show signs of stalling, given a series of negative factors including the prevailing softening economy, the county’s cooling automotive sector generally, and the reduction in subsidies for NEV purchases since late June, market sources said.
The slowdown has taken its toll on Shenzhen- and Hong Kong-listed BYD Company Limited, the flagship enterprise of China’s NEV industry, which posted a year-on-year decline of 88.6% in its Q3 net profit at Yuan 119.7 million ($17 million), Mysteel Global learned from the company’s Q3 report released on October


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