(Yicai Global) May 14 -- BYD, the world's largest new energy vehicle maker, has shrugged off the impact of reduced subsidies to the Chinese NEV market despite the fact that its narrowing net profit is telling another story.

BYD responded to the Shenzhen Stock Exchange's inquiry regarding its declining gains, saying that lowered government subsidies will not change the long-term growth trend of the sector, although it will have a certain impact on market demand and profitability. 

The Shenzhen-based firm's net income attributable to shareholders fell 32 percent to CNY2.8 billion (USD407.3 million) last year. Its revenue rose 23 percent to CNY130.1 billion (USD18.9 billion).

Editor: Emmi Laine