Chinese electric vehicle maker BYD’s third-quarter profit drops 27.5%

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BEIJING, Oct 28 (Reuters) – Chinese electric vehicle (EV) maker BYD Co Ltd (002594.SZ), which is backed by billionaire Warren Buffett, on Thursday reported a 27.5% drop in third-quarter web profit.

BYD made a 1.27 billion yuan ($198.54 million) web profit within the three months to Sept. 30, down from 1.75 billion yuan in the identical interval final 12 months.

BYD, which has partnerships with Japan’s high automaker Toyota (7203.T) and Germany’s Daimler (DAIGn.DE) in China, stated working revenue grew 22% to 54.31 billion yuan.

The Shenzhen-based automotive firm, which rolled out a personalized EV mannequin for ride-hailing providers with China’s Didi final 12 months, bought 452,744 autos within the first 9 months this 12 months, 63% increased from a 12 months earlier, due to in style plug-in hybrid autos.

($1 = 6.3968 Chinese yuan renminbi)

Reporting by Yilei Sun and Brenda Goh
Editing by David Goodman

A man cycles past an entrance to the headquarters of Chinese electric car maker BYD in Shenzhen's Pingshan district, Guangdong province, China October 25, 2019. REUTERS/Yilei Sun

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