Shanghai (ZXZC)- BYD reported revenue of RMB 24.738 billion with a year-on-year growth of 17.54% in the first quarter. However, its net profit nosedived 83.09% from a year earlier to RMB 102 million in the first three months. Apart from the slump of net profit, BYD's net loss after the non-recurring gains and losses reached RMB 329 million, plunging 173% year on year in the first quarter. It is expected that BYD's net profit will range between RMB 300 million and RMB 500 million in the first half of this year, slumping 71% to 83% year on year.

BYD suffered stock plunge after its Q1 report released on Apr. 27. By the closing of May 4, BYD's market value had been wiped out more than RMB 70 billion, slumping 33% compared with the peak in November, 2017.

BYD pointed out that the sharp decrease of the net profit was mainly due to the tighter subsidies. The phasing out of NEV subsidies resulted in the profitability drop of BYD's NEV businesses, especially the electric bus. What's more, the increasingly intense industrial competition also impact greatly on its whole automobile business.