BYD reports higher sales for sixth month on exports; shares gain
I'm LongbridgeAI. Here is the key information I extractedCHINA’S biggest carmaker BYD reported higher sales for the sixth straight month as exports made up for slumping demand at home.
BYD’s October passenger vehicles sales climbed 11 per cent as exports doubled and local deliveries fell, according to a statement on Sunday (Nov 1). Chery Automobile, the nation’s biggest exporter, reported sales increased 5 per cent, with exports climbing by 60 per cent.
Shares of BYD and Chery rose in Hong Kong trading on Monday as the continued strength of overseas demand for Chinese cars helped ease concerns about the prolonged downturn in their home market.
Still, export growth has not necessarily impressed investors as BYD last week reported earnings and revenue that missed analyst estimates.
Among other automakers, Geely Automobile Holdings’ overseas sales more than doubled, allowing it to squeeze out a 1 per cent gain in total deliveries.
Xiaomi and Xpeng’s monthly sales surpassed 50,000, while Zhejiang Leapmotor Technology delivered more than 100,000 vehicles for a fourth consecutive month.
Meanwhile, Seres Group, the maker of Aito cars, posted a 50 per cent decline in sales, while Li Auto’s monthly deliveries dropped by 9 per cent. BLOOMBERG