BYD Shares Extend Losses as Price Cuts Throw Spotlight on Sales
(Bloomberg) — BYD Co. shares extended losses in Hong Kong trading Tuesday — taking their two-day slide to more than 10% — as last week’s sweeping price cuts stoked concern of another wave of discounting in China’s cutthroat electric car market.
The stock fell as much as 4% in morning trading, following Monday’s 8.6% drop. The selloff was sparked after the EV giant announced cuts of as much as 34% on 22 electric and plug-in hybrid models in China until the end of June.
The move came after the company last month posted its slowest year-on-year growth in vehicle deliveries in more than four years. While April sales rose 21% from a year earlier, that was the smallest monthly gain since August 2020, except for a drop in…
