On October 29, BYD released its third-quarter performance report. Although BYD achieved a net profit of 1.574 billion yuan in the first three quarters, up 3.09% year-on-year, its net profit in the third quarter was only 119.7 million yuan, down 88.58% year-on-year.
Text|Daily Business Highlights
BYD’s net profit plummeted in the third quarter, and new energy vehicle sales continued to be under pressure
On October 29, BYD released its third-quarter performance report. Although BYD achieved a net profit of 1.574 billion yuan in the first three quarters, up 3.09% year-on-year, its net profit in the third quarter was only 119.7 million yuan, down 88.58 year-on-year. %. Affected by this, BYD’s stock price fell more than 7% on Wednesday. At the same time, BYD expects net profit for the full year of 2019 to be 1.584 billion yuan to 1.774 billion yuan, down from 2.78 billion yuan in the same period last year, down 36.19% to 43.03% year on year, which means that its net profit in the fourth quarter is still not optimistic.
BYD explained that due to the macroeconomic situation, it is expected that the overall market demand of the automotive industry will remain weak in the fourth quarter, coupled with the impact of changes in the fuel vehicle price system and the impact of the significant decline in subsidies for new energy vehicles, new energy vehicles. Industry sales were less than expected. BYD expects its new energy vehicle business to have a certain year-on-year decline in profit. According to data from the China Automobile Association, the sales of new energy passenger vehicles in September was 80,000, a year-on-year decrease of 34.2%. BYD sold a total of 13,700 new energy vehicles in September, down 51% year-on-year.
The auto industry research report released by CITIC Jiantou on October 25th…
Editor’s comment: In addition to the decline in sales caused by subsidies, the new energy vehicles will also face pressure from the number of cities to increase the number of fuel vehicle licenses. In the traditional fuel car…
This article is from the paid section “Daily Business Featured” – October 30th
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