BYD shares extend losses as price cuts throw spotlight on sales
[HONG KONG] BYD shares extended losses in Hong Kong trading on Tuesday (May 27) – taking their two-day slide to more than 10 per cent – 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 per cent in morning trading, following Monday’s 8.6 per cent drop. The sell-off was sparked after the electric vehicle giant announced cuts of as much as 34 per cent 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 per cent from a year earlier, that was the smallest…
