(Yicai Global) April 13 -- China's BYD expects its net profit to have slumped by as much as 93 percent in the first quarter from a year ago as the Covid-19 outbreak hit the already bleeding car market.

Net profit could be something between CNY50 and CNY150 million (USD7.1 million up), the Shenzhen-based automaker said in a statement yesterday. Meanwhile, new energy vehicle sales decreased by 70 percent, it added.

The virus pandemic made the domestic auto sales downturn worse. China's wholesale NEV deliveries declined by 49 percent in March from a year earlier, according to data from the China Passenger Car Association. That month, the country's best-selling NEV was Tesla's Model 3 at almost 10,200 units, followed by BYD's Qin, selling less than half of that.

Over the quarter, BYD sold nearly 48 percent fewer cars at almost 61,300 units. More than a third of those were NEVs.

Business beyond NEVs was looking brighter. The company's fuel car portfolio was recovering as Song Pro, a sport-utility vehicle model, continued to sell well. Meanwhile, its mobile phone parts and assembly business was developing steadily. Moreover, solar power revenues should bounce back due to overseas growth.

On April 10, the company launched its BYD Han sedan, featuring the company's upgraded battery technology and new intelligent driving assistant DiPilot.

BYD's shares [SHE:002594] rose 2.9 percent to CNY57.40 (USD8.15) this morning.

Editor: Emmi Laine