BYD Slumps as Profit of Buffett-Backed Automaker Declines
This article is for subscribers only.
BYD Co., the Chinese carmaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., tumbled the most in more than three months in Hong Kong trading after reporting an 84 percent decline in first-quarter profit.
The Shenzhen-based company fell as much as 7 percent, after declining sales and a jump in financing expenses dragged first-quarter net income to 266.7 million yuan ($41 million) from 1.7 billion yuan a year earlier.