Mediocre green car sales hurt BYD shares
Print Edition
SHARE prices of Warren Buffett-backed new-energy carmaker BYD plunged on China’s stock market yesterday due to the mediocre performance of its green car business in 2013.
The Shenzhen-based company fell 7.32 percent to 50.42 yuan (US$8.10) on the Shenzhen Stock Exchange, and 14 percent to HK$47.6 (US$6.13) in Hong Kong. The two market’s key indices shed 2.12 percent and 1.79 percent respectively.
BYD achieved an operating revenue of 52.86 billion yuan, up 12.83 percent annually, from its rechargeable battery and new-energy business, handset components and assembly services, said its 2013 financial report.
Its battery and new-energy business accounted for less than 10 percent of its revenue though the company’s net income jumped more than five times to 553 million yuan last year.
BYD sold more traditional internal combustion-engine models out of the 470,000 cars it sold in China last year. BYD didn’t give specific figures of its electric and hybrid car sales.
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