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BYD Slumps As Chinese Rides Slow

A visitor looks at BYD002594.SZ +0.64% E6 electric car on display at the New Energy Auto Expo in Nanjing, Jiangsu province March 22, 2014.
Reuters

BYD Co.’s poor sales performance in March has analysts worried about the outlook for the company.

The Warren Buffett-backed BYD—which positions itself as an electric car maker but still depends heavily on sales of its low-cost conventional cars—said Monday it sold 39,300 vehicles globally in March, down 24% on the same period last year. Most of BYD’s sales come from its home market China.

Sales in the first three months were also discouraging. The company sold 103,500 vehicles between January and March, according to an email from the company Monday, down about 28% from the same period a year earlier.

BYD attributed the decline partly to the cancellation of some car subsidies the Chinese government had granted to certain types of fuel efficient cars. It also blamed a reorganization of its product portfolio, which it said led to a reduction in sales for some of its low price models.
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