BYD Co yesterday reported net profit in 2011 fell 45 percent to 1.38 billion yuan (US$219 million) on weaker demand for vehicles.

The Shenzhen-based company, partly owned by billionaire Warren Buffett, sold 437,000 vehicles last year, down 13.3 percent, as the overall vehicle market cooled, according to its statement filed to the Hong Kong stock exchange.

BYD also warned that first-quarter net profit may plunge 65-95 percent on a sharp slump in rechargeable batteries.

Source:shanghaidaily