Skip to comments.Buffett-backed Chinese carmaker hit by slowdown and solar woes
Posted on 04/26/2012 4:33:15 PM PDT by Oldeconomybuyer
(Reuters) - BYD Co Ltd , a Chinese carmaker backed by U.S. billionaire Warren Buffett, posted a 90 percent slide in quarterly profit as it was hit by a slowdown in the world's largest car market and losses in its solar business.
China's once-sizzling auto industry has succumbed to softening economic growth, further exasperated by new vehicle offerings in the fiercely competitive market.
BYD, which attracted investment from Buffett's Berkshire Hathaway because of its battery technology, has started selling pure electric cars and buses in China.
BYD, which debuted its new generation of plug-in sedans at the Beijing auto show on Monday, is betting on new car models to boost sales after it was badly hit by competition and the end of tax incentives for small cars in China.
(Excerpt) Read more at reuters.com ...
Good... I dream of the day that they find this rat bastard, commie billionaire living in a cardboard box... over a NY subway grate.
Buffett’s been batting a thousand lately. In the loser’s circle that is. Maybe it’s time for his relatives to consider conservatorship? just sayin’
Aw, that’s a shame.