Autos

Warren Buffett-backed electric automaker hit by rising battery costs

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Chinese battery and electric vehicle maker BYD shows off a model of its Han EV series at the 2020 Beijing auto show.

Evelyn Cheng | CNBC

BEIJING — Chinese electric car company BYD is feeling the hit of rising battery material costs.

Backed by U.S. billionaire Warren Buffett, the automaker announced late Monday that net profits attributable to shareholders in the first quarter will be between 200 million yuan ($30.4 million) and 300 million yuan.

“Affected by the price fluctuation of upstream raw materials, the profit of automobile business is yet to be improved,” BYD said in a release, noting seasonal factors also “have a certain impact” on new energy passenger vehicle sales.

In a growing…



Source cnbc.com

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