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BYD shares nosedive
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SHARES of China’s new-energy carmaker BYD, backed by Warren Buffett, nosedived in Shenzhen and Hong Kong yesterday amid increasing concerns over the company’s risk exposure to the tumbling ruble and falling oil prices.
There have been increasing rumors that BYD suffered tens of millions of yuan losses due to the Russian currency’s depreciation, which sent its share prices down 28.8 percent to HK$25.10 (US$3.24) in Hong Kong and by the 10 percent daily limit to 36.43 yuan (US$5.86) in Shenzhen.
BYD denied in a statement later yesterday any knowledge that might have triggered its share price to tumble.
The company’s exports to Russia this year were worth only US$700,000. The recent drop in oil prices, viewed as a downside for electric carmakers, has very limited impact on BYD’s sales that comprised mainly traditional internal combustion engine vehicles.
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