Automundo China

SHANGHAI (Reuters) -BYD's production slid for a second straight month in August, marking its first consecutive monthly contraction since 2020 in a further sign that the Chinese EV giant is putting the brakes on its massive years-long expansion. The world's biggest EV producer made 353,090 electric vehicles and plug-in hybrids (PHEV) globally last month, down 3.78% from a year earlier, according to a monthly filing with the Hong Kong Stock Exchange on Monday. The last time BYD's production fell for two consecutive months was in June and July 2020.

STORY: Shares in Chinese auto giant BYD slid on Monday (September 1).Investors sold off after the electric vehicle maker reported quarterly profit fell for the first time in more than three years.Analysts said its competitive advantage was hurt by Chinese government efforts to stop a price war.Net profit at the world's biggest EV producer dropped 30% in the second quarter to $895 million from a year earlier.That followed a doubling of profit in the first quarter.Its Hong Kong-listed shares closed more than 5% lower after an 8% drop at the open.BYD has grown its sales rapidly in recent years partly through aggressive price cuts.But Chinese authorities have grown worried about the health of the sector and ordered automakers to stop the practice.BYD further reported Monday its production slid for a second straight month in August.It was the automaker's first consecutive monthly contraction in five years.BYD made just over 353,000 electric vehicles and plug-in hybrids globally last month.That was down close to 3.8% from a year earlier, and follows a 0.9% drop in July.BYD is targeting global sales of 5.5 million cars this year.But it has sold just 2.49 million as of end of July, equal to 45% of its goal.

The stock prices of BYD (HK:1211) ($BYDDY) ($BYDDF), one of Tesla’s ($TSLA) key rivals in the electric vehicle market, slumped on Monday at the closing bells in Chi...

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