Shares in Chinese electric car maker BYD Co Ltd fell more than 3 percent on Thur...
BEIJING - Shares in Chinese electric car maker BYD Co Ltd fell more than 3 percent on Thursday, weighed down by concerns over government cuts to subsidies on new energy vehicles and the firm’s first-quarter sales, analysts said.
But the comparison seemed skewed, as BYD’s first-quarter profit in 2018 fell sharply on cuts to subsidies for electric vehicles, prompting some analysts to say the forecast profit was below expectations. The company sold 520,000 vehicles last year, up 27 percent from a year earlier. BYD, whose popular models include its Tang-series electric cars, has said it aims to sell 650,000 vehicles this year.
China on Tuesday raised its standards for electric cars that qualify for subsidies and reduced the amount it is willing to provide to relevant companies.
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