Etiqueta: Hong Kong

A drop in production, sales and profits reflect how pressure to stay competitive is beginning to take a toll on BYD

EV Leader BYD Suffers Rare Setback as Profit Crumbles

BYD Company (OTCPK:BYDDF) stock price dropped nearly 8% on the Hong Kong stock exchange on Monday after the EV giant reported a sharp 30% slide in Q2 profit. Net profit dropped to 6.4 billion yuan ($895 million) from a year earlier, it reported. That followed a doubling of profit in the first quarter. It is the first such fall in more than three ye...

BYD Company (OTCPK:BYDDF) stock price dropped nearly 8% on the Hong Kong stock exchange on Monday after the EV giant reported a sharp 30% slide in Q2 profit.

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.

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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.