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Investing.com-- BYD (SZ:002594) (HK:1211) shares fell on Thursday after Reuters reported that the electric vehicle major had slashed its annual vehicle sales outlook by at least 16%, adding to concerns that sales were set to cool after years of rapid growth.
BYD’s Shenzhen and Hong Kong shares fell more 2% apiece, while the broader Shanghai Shenzhen CSI 300 and Hang Seng indexes shed 2.1% and 1%, respectively.
Reuters reported that BYD now expects to sell 4.6 million vehicles in 2025, down from its prior forecast of 5.5 million vehicles, citing two people familiar with the matter. The 5.5 million figure had been downgraded multiple times internally, the report said, and the 4.6 million figure was communicated to several insiders and select suppliers.
The lower sales target comes as BYD-- a major rival to U.S. EV maker Tesla Inc (NASDAQ:TSLA), grapples with bitter competition in mainland markets from a slew of local competitors, which has also battered the company’s margins. BYD recently clocked a 30% drop in quarterly profit.