Chinese automaker BYD 2011 profit down 45 percent
BEIJING (AP) — Chinese auto and battery maker BYD Co. says its 2011 profit fell 45 percent as the country's booming auto sales slowed and competition intensified.
BYD said Monday its profit was 1.4 billion yuan ($223 million) on a slight decline in revenues to 46.3 billion yuan ($7.5 billion).
The company blamed factors including "significant slowing growth" in China's auto market following the end of tax breaks and other government incentives that helped to boost sales in 2010.
China is the world's biggest auto market by units sold but sales last year rose just 2.5 percent, down sharply from 2010's explosive 32 percent expansion.
