Etiqueta: Sales

Key PointsBYD isn’t a household name within the United States largely because it doesn’t do business here.Nevertheless, this EV powerhouse does do business where electric vehicles

This incredible growth stock isn't on enough investors' radars.

Byd Company Limited ( ($BYDDY) ) has released its Q2 earnings. Here is a breakdown of the information Byd Company Limited presented to its investor...

BYD's 30% Earnings Drop: A Cautionary Tale for EV Investors?

Yahoo Finance Senior Business Reporter Ines Ferré tracks Friday's top moving stocks and biggest market stories in this Market Minute. Gold (GC=F) is pushing back toward record highs. BYD (BYDDY) stock is slipping after the company reported a decline in quarterly profits. Tesla (TSLA) stock extends declines from the company's continued loss in European auto sales. Stay up to date on the latest market action, minute-by-minute, with Yahoo Finance's Market Minute.

BYD is set to end the reign of Tesla's electric vehicle dominance with the release of a brand new model to the European market earlier this month

China successfully subsidized a massive expansion of its auto industry; now it has more cars than customers.

STORY: BYD's quarterly profit fell for the first time in more than three years.The Chinese electric vehicle giant said Friday net profit reached just under $895 million in the second quarter.That was down close to 30% from a year earlier.BYD's expansion was hit by a government campaign against price wars.Beijing has called for a halt to the practice which has hurt profit margins across the industry.However, revenue was up 14% in the three months to June 30th to $28 billion.The biggest Chinese rival to Tesla has faced challenges in recent months.BYD has set a target to sell 5.5 million cars globally this year, but sold 2.49 million in the first seven months, reaching 45% of its goal.BYD generates nearly 80% of its sales in China.It saw vehicle sales fall in its home market for the third straight month in July, while production slid for the first time in 17 months.The automaker has also slowed production and delayed capacity expansions at factories in China.

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.

The Chinese auto giant’s results come amid concerns the company won’t meet its sales target for the year.