BYD reports higher sales for sixth month on exports; shares gain
Its October passenger vehicles sales climb 11% as exports double and local deliveries fall
BYD, China’s leading carmaker, announced a rise in passenger vehicle sales for the sixth consecutive month, driven by a surge in exports and a decline in domestic deliveries. October saw an 11% increase in BYD’s passenger vehicle sales, with exports doubling and local deliveries falling. This performance was echoed by Chery Automobile, which also reported a 5% sales increase, with exports surging by 60%.
Both companies’ shares appreciated in Hong Kong trading on Monday, as robust overseas demand for Chinese cars alleviated concerns about an extended downturn in their domestic market. Despite this positive trend, BYD’s earnings and revenue figures last week fell short of analyst projections. Meanwhile, Geely Automobile Holdings witnessed a significant 100% increase in overseas sales, contributing to a 1% rise in total deliveries.
Other automakers like Xiaomi and Xpeng also reported monthly sales exceeding 50,000 units. However, not all manufacturers are enjoying a similar trajectory; Seres Group saw a 50% decline in sales, and Li Auto experienced a 9% drop in monthly deliveries.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
