BYD’s $60 Billion Wipeout Points to Deeper Turmoil for China EVs
A BYD Co. Seal electric vehicle on display during the Bharat Mobility Global Expo in New Delhi.
Photographer: Anindito Mukherjee/BloombergA relentless selloff in BYD Co. shares is laying bare investor anxiety over the profit outlook for China’s electric-vehicle sector, as cooling demand at home and surging raw material costs trigger a brutal reset of expectations.
BYD’s Hong Kong-listed shares are down this week after disappointing sales data, extending a selloff that has shaved off more than $60 billion in market value since May. The slump reverberated across EV peers, compounding woes for a stock market also grappling with fresh concerns over taxes and business disruption from artificial intelligence.