TSX runs higher on rate cut expectations
Investing.com-- BYD Co (SZ:002594) (HK:1211) shares declined on Monday after the company reported that July sales fell nearly 10% from last month, raising investor concerns over momentum at the world’s top EV maker.
BYD delivered 344,296 vehicles globally in July, marking a modest 0.6% gain from a year ago but a steep 10.1% drop from June levels, the company reported on Friday.
This represented the first monthly decline in six months for the company, which had seen consistent double-digit growth in recent months.
Shenzhen-listed shares of the company fell as much as 3.1% to 102.57 yuan on Monday.
The downturn reflects waning demand, especially in plug-in hybrids, which saw a 22.6% year-on-year drop and a continued month-over-month decline.
Battery electric vehicle (BEV) sales still rose 36.8% year-on-year to 177,887 units but slid 14% compared to June, highlighting fragility in recent trends.
The figures come as Chinese regulators recently unveiled draft amendments to the national pricing law, banning below-cost selling and improper algorithm‑based pricing practices, in efforts to stabilize the overheated industry.