S&P, Nasdaq futures higher; U.S. jobs report ahead - what’s moving markets
Investing.com-- Shares of Chinese electric vehicle maker BYD Co (HK:1211) dropped 8% to a near five-month low on Monday after the company reported a sharp drop in second-quarter net profit.
BYD’s net income declined 30% year-on-year to 6.4 billion yuan ($895 million), marking its first quarterly profit decrease in over three years.
The company attributed the drop to intense domestic price competition and a 1 billion yuan incentive paid to dealers, which had limited impact on boosting sales.
BYD sold 2.49 million vehicles by the end of July, reaching 45% of its 2025 global sales target of 5.5 million units. Gross margins fell to 16.3% from 18.7% a year earlier.
Hong Kong-listed shares of the company dropped as much as 8% to HK$105.20, reaching their lowest level since early April.
Despite domestic pressures, BYD reported strong international sales, with overseas EV and plug-in hybrid deliveries doubling to 550,000 units in the first seven months of the year.