BYD (OTCMKTS:BYDDF) Reaches New 1-Year Low After Earnings Miss
6 Articles
6 Articles
BYD Earnings Miss Estimates as China's EV Price War Takes Its Toll
Chinese electric vehicle giant BYD reported weaker-than-expected third-quarter earnings on Thursday, highlighting the growing challenges facing China's automakers even as overseas sales continue to surge. BYD's net profit rose 28% year-over-year to 10.02 billion yuan ($1.5 billion), missing analysts' expectations of approximately 11.1 billion yuan. Revenue increased 13.6% to 221.5 billion yuan ($33.3 billion), also falling short of market foreca…
A seemingly contradictory performance report is presented to BYD investors. Goldman Sachs, in its latest research report, reiterated its "buy" rating on the H-shares, but the same report also pointed out an undeniable fact: dealers offered discounts on older models that exceeded expectations, dragging down the average selling price, resulting in quarterly revenue that was about 8%-9% lower than the bank's and the market's general expectations. W…
On October 29, BYD, a Chinese electric vehicle manufacturer, announced that its net profit attributable to shareholders of the listed company in the third quarter was RMB 10.02 billion, an increase of 28.08% year-on-year. However, the growth rate was lower than that of the previous quarter, and the profit did not meet market expectations.
3rd quarter balance shows progress of almost 30% in the results, but experts expected even higher data
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