Chinese car maker BYD, which stands for Build Your Dreams, has seen profits drop by 99 percent during the third quarter alarming. This is the second biggest decline among the 982 companies in the MSCI index of Asia-Pacific. Company’s sales fell by 25 percent, while the automotive market share grew by 19 percent in China.
According to Bloomberg, this is just the latest news from the problems associated with BYD, because this company has seven production plants confiscated by the Chinese government because of alleged illegal construction. In addition to BYD E6 should postpone the sale of electricity in the United States until when in 2011, when according to the plan and should be marketed in this market.
Remember that U.S. billionaire Warren Buffet has a 10 percent stake in the company, which still believes that BYD will be the future in one of the leading electric car manufacturer in the world.