| Chinese electric car and battery maker BYD announced on March 25 that its 2012 profits tumbled 94.12 percent year on year amid a bleak solar market.
The Shenzhen-based company specializing in electric vehicles, rechargeable batteries and photovoltaic (PV) cells reaped 81.38 million yuan ($13 million) in net profits in 2012, according to its annual report filed with the Shenzhen Stock Exchange.
The company attributed last year's contraction in profits mainly to its lackluster solar energy business, calling 2012 "an extremely tough year for the Chinese solar PV industry" in its statement.
Its revenues from selling both electric- and fossil fuel-powered vehicles rose steadily in 2012, while its cell phone parts manufacturing and assembling were dented by the narrowing market shares of its major clients, the company said. | 
