Chinese automaker BYD Co., has revealed that its preliminary net profit plunged by 94 percent in 2012 to 81 million yuan ($13 million). The company, backed by U.S. billionaire Warren Buffett, was mainly hurt by its weak solar cell business due to sluggish demand.

Last year, BYD's vehicle sales rose 3 percent to 456,000 units in 2012, lower than the company's 2009 volume.

BYD also retreated in its electric cars and plug-in hybrids. Last year, the company's EV sales totaled 1,690 units.

In a bid to rejuvenate its business, the automaker closed one-third of its dealerships last year, leaving it with 800 stores.

The company is expecting a turnaround in vehicle sales, bumping it up 10 percent to 500,000 units.