BYD says 2011 Q1 profit tumbled 84.4%
The decrease, according to BYD chairman Wang Chuan-fu, was "mainly due to a decline in the performance of the automobile business, coupled with the effect of increased management expenses and finance expenses."
Operating revenue for the quarter fell to 11.71 billion yuan ($1.81 billion U.S.) as vehicle sales plummeted due to the expiration of incentives and intensifying competition. Of course, none of this bodes well for BYD's future here in the States. With the automaker struggling in China, we'd venture to guess that BYD's optimistic U.S. sales goals might be scaled back a bit.
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