BYD’s Near-Term Borrowings Soar to Record as Earnings Slump

BYD Co. is borrowing a lot of money to get through its prolonged earnings slump.

Short-term borrowings jumped 72% within three months to 66.3 billion yuan ($9.7 billion) by the end of March, according to the Shenzhen-based carmaker’s financial results released Tuesday. That’s as quarterly profit tumbled 55% to its lowest level in more than three years.