JUST IN: Chinas carmakers battle for survival after subsidies scaled back all-electric, fuel-cell and plugin hybrid cars — just reported an 89 per cent slump in third-quarter earnings and warned profit could fall as much as 43 per cent this year

When Elon Musk’s Tesla Inc. delivered positive earnings few saw coming last quarter, China’s top electric carmakers were weathering a historical contraction in demand: Warren Buffett-backed BYD Co., the country’s biggest maker of new energy vehicles — all-electric, fuel-cell and plugin hybrid cars — just reported an 89 per cent slump in third-quarter earnings and warned profit could fall as much as 43 per cent this year….World News reports

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