Increasing interest in cheaper Chinese hybrid vehicles has buoyed investors in Eagers Automotive despite the country’s largest car dealership, backed by billionaire businessman Nick Politis, reporting a slump in profits this year.

Eagers has a joint venture with BYD, one of China’s biggest carmakers and one that sells popular hybrid vehicles. Consumers are increasingly opting for cars that run on petrol but have a modest battery and electric motor, over electric vehicles, like the ones manufactured by Tesla.