Buffett-Backed BYD Falls in Hong Kong After August Vehicle Sales Decline
Buffett-Backed BYD Falls After August Vehicle Sales Decline
Tomohiro Ohsumi/Bloomberg
The carmaker’s sales in China fell 19 percent from a year earlier to 31,069 vehicles last month.
The carmaker’s sales in China fell 19 percent from a year earlier to 31,069 vehicles last month. Photographer: Tomohiro Ohsumi/Bloomberg
BYD Co., the Chinese automaker backed by Warren Buffett, fell the most in a week after saying its sales in August declined.
BYD dropped as much as 3.1 percent to HK$47.75 and traded at HK$48.05 as of 12:29 p.m. The benchmark Hang Seng Index was little changed.
The carmaker’s sales in China fell 19 percent from a year earlier to 31,069 vehicles last month, the Shenzhen-based company said in an e-mailed statement today.
BYD, 10 percent owned by Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc., cut its full-year vehicle sales target by 25 percent to 600,000 units on Aug. 4.
--Liza Lin. Editors: Ian Rowley, Terje Langeland
To contact Bloomberg News staff for this story: Liza Lin in Shanghai at +86-21-6104-7010 or llin15@bloomberg.net
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