BYD dips as it lowers sales forecast by 25%
By Jin Jing |
August 5, 2010, Thursday
|
Print Edition
Print Edition
SHARES of BYD Co fell 1.4 percent in Hong Kong yesterday after it cut its full-year sales target by 25 percent.
The Shenzhen-based battery and electric car producer, backed by billionaire Warren Buffett, forecast 2010 sales would be 600,000 vehicles, lower than an earlier estimate of 800,000 units.
The revised forecast came after BYD joined other domestic car producers that failed to meet half-year sales targets despite spectacular sales growth.
BYD boosted sales by 63.5 percent to 289,000 units for the first half of this year, according to its earlier statement.
Industry analysts and auto makers previously expected 25 percent sales growth this year after a market boom in 2009. Brisk sales have triggered aggressive production expansion among car makers since the beginning of this year.
However, the cooling economy and sluggish stock market have put a brake on demand since April, posting pressure on car makers' inventory.
A BYD official told Shanghai Daily yesterday that the major reason behind its lower sales forecast was capacity limits.
Shares of BYD closed at HK$55.80 (US$7.20) yesterday.
The Shenzhen-based battery and electric car producer, backed by billionaire Warren Buffett, forecast 2010 sales would be 600,000 vehicles, lower than an earlier estimate of 800,000 units.
The revised forecast came after BYD joined other domestic car producers that failed to meet half-year sales targets despite spectacular sales growth.
BYD boosted sales by 63.5 percent to 289,000 units for the first half of this year, according to its earlier statement.
Industry analysts and auto makers previously expected 25 percent sales growth this year after a market boom in 2009. Brisk sales have triggered aggressive production expansion among car makers since the beginning of this year.
However, the cooling economy and sluggish stock market have put a brake on demand since April, posting pressure on car makers' inventory.
A BYD official told Shanghai Daily yesterday that the major reason behind its lower sales forecast was capacity limits.
Shares of BYD closed at HK$55.80 (US$7.20) yesterday.
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