Etiqueta: Hong Kong

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 latest investor updates on stocks that are trending on Monday

BYD’s shares were sharply lower after the Chinese electric-vehicle maker reported weaker than expected earnings as well as a narrower profit margin. Its Hong Kong-listed shares fell 5.6% to 108.00 Hong Kong dollars early Monday, equivalent to $13.85, in early trade Monday, even while the benchmark Hang Seng Index rose 2.0%. BYD’s Shenzhen-lis...

BYD saw a 6% drop in HK-listed shares after reporting a 30% decline in net profit at Q2 earnings call. Sales surged in Europe and India.

Hong Kong-listed shares of BYD fell more than 6% after the Tesla rival reported a quarterly profit drop amid a price war in its domestic industry.

HONG KONG (Reuters) -The Hong Kong-listed shares of BYD were set to slide 8% on Monday after the Chinese electric vehicle maker reported quarterly profit fell for the first time in more than three years amid a cutthroat price war across the industry. The stock was set to open at HK$105.20. (Reporting By Donny Kwok and Anne Marie Roantree; Editing by Kim Coghill)

The fallout is becoming impossible to ignore in the fierce battle among Chinese carmakers.

BYD (OTCMKTS:BYDDY) Shares Down 3.1% - What's Next?

Second-quarter profits drop 30 per cent for the world’s largest EV maker, despite 145 per cent year-on-year rise in overseas deliveries.

This marks the first year-on-year decline in BYD's net income since the first quarter of 2022.