Transportation
BYD Shares Fall as Stalling Sales Put Annual Target in Question
BYD now needs to deliver on average roughly 602,000 vehicles a month for the rest of the year to reach its target.
Photographer: Qilai Shen/BloombergBYD Co. shares fell in Hong Kong trading Monday, as sputtering monthly sales growth raised doubts about whether the Chinese electric-vehicle maker will meet its annual target.
The stock fell as much as 4.2% in early trading, taking its decline from a May peak to around 28%. Sales of the Shenzhen-based auto giant barely grew last month. The world’s biggest EV seller delivered 344,296 vehicles in July, it said Friday. That’s up 0.6% from a year earlier, but down 10% from June. BYD’s overseas sales also fell 10% compared to June to 80,737 units.