SHENZHEN, April 13 (Xinhua) -- China's leading new energy vehicle (NEV) manufacturer BYD expects its net profits to fall between 79.99 percent and 93.33 percent year on year in the first quarter of 2020 following a sharp NEV sales decline amid the COVID-19 epidemic.
BYD expects to report 50 million yuan (about 7.1 million U.S. dollars) to 150 million yuan of net profit in the three months to March, compared to 749.7 million yuan in the same period a year ago, the carmaker said in a filing to the Shenzhen Stock Exchange.
The COVID-19 epidemic and slowing economic growth have had a significant impact on auto market demand, resulting in sharp declines in NEV sales, it said.
In the January-March period, its NEV sales plunged nearly 70 percent year on year to 22,192 units while sales of gasoline-powered vehicles fell about 12 percent to 39,081 units, BYD said last week.
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