Shenzhen - based car manufacturer , BYD , has forecast an increase in net profit for this year of between 77 % and 84 % , as growth in the green car market stabilises , reports sharply . The company reported profits of £ ##500 m for the first nine months of 2016 , up 87 % YoY , but earnings expansion slowed . While total sales of plug - in hybrids in China exceeded 289,000 units over the nine months , reaching the highest target for the year is unlikely , particularly after several Chinese auto firms were reported to be cheating the country ’s subsidy system .
Shenzhen-based car manufacturer, BYD, has forecast an increase in net profit for this year of between 77% and 84%, as growth in the green car market stabilises, reports Reuters. The company reported profits of £437m for the first nine months of 2016, up 87% YoY, but earnings expansion slowed. While total sales of plug-in hybrids in China hit 289,000 units over the nine months, reaching the 700,000 target for the year is unlikely, particularly after several Chinese auto firms were found to be cheating the country’s subsidy system.