2024-01-30 11:25:00
BYD’s Hong Kong-listed shares fell 4% on Tuesday after the electric car maker said profits would surge this year but fell short of analysts’ expectations.
Updated January 30, 2024 19:25 CST
BYD’s (BYD, 1211.HK) Hong Kong-listed shares fell 4% on Tuesday after the electric car maker said profits would surge this year, but fell short of analysts’ expectations.
BYD said profits would grow 74% to 86% from last year’s 16.62 billion yuan. However, the high end of that outlook range is 31 billion yuan (about 4.4 billion U.S. dollars), which is lower than the 31.23 billion yuan expected by analysts compiled by Visible Alpha.
BYD did not provide any revenue data. The company previously announced that vehicle sales reached a record 3.02 million units, an increase of 62%. Warren. Warren Buffett’s Berkshire Hathaway owns about 8% of BYD.
BYD said in a statement: “Despite the fiercer competition in the industry, the company has achieved substantial improvement in profitability by relying on its continuous improvement of brand power, rapid growth of overseas sales, continued expansion of scale advantages and strong industrial chain cost control capabilities, demonstrating Strong resilience.”
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BYD’s (BYD, 1211.HK) Hong Kong-listed shares fell 4% on Tuesday after the electric car maker said profits would surge this year, but fell short of analysts’ expectations.
BYD said profits would grow 74% to 86% from last year’s 16.62 billion yuan. However, the high end of that outlook range is 31 billion yuan (about 4.4 billion U.S. dollars), which is lower than the 31.23 billion yuan expected by analysts compiled by Visible Alpha.
BYD did not provide any revenue data. The company previously announced that vehicle sales reached a record 3.02 million units, an increase of 62%. Warren. Warren Buffett’s Berkshire Hathaway owns about 8% of BYD.
BYD said in a statement: “Despite the fiercer competition in the industry, the company has achieved substantial improvement in profitability by relying on its continuous improvement of brand power, rapid growth of overseas sales, continued expansion of scale advantages and strong industrial chain cost control capabilities, demonstrating Strong resilience.”
BYD’s shares have fallen 17% this year.
(This article is translated from MarketWatch. MarketWatch is operated by Dow Jones, the parent company of The Wall Street Journal, but MarketWatch is independent from Dow Jones Newswires and The Wall Street Journal.)
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