BUZZ-BYD's shares drop on report of EV price cut in promotion; rivals fall

Reuters05-26
BUZZ-BYD's shares drop on report of EV price cut in promotion; rivals fall

** Hong Kong-listed shares of BYD Co Ltd 1211.HK drop 9.2% to HK$422.2, their biggest intraday pct decline since April 7

** Stock hits its lowest since May 16, and is top pct loser in the Hang Seng Automobile Index .HSAMI and the Hang Seng Index .HSI, which are down 5.2% and 1.3%, respectively

** BYD is launching a limited time offer on the mainland with steep discount on 22 EV models between May 23 and June 30, Hong Kong Economic Journal reported citing media

** BYD has not responded to Reuters' email request for comment

** BYD's Shenzhen stock 002594.SZ drops 6.2% to 380 yuan, its lowest since May 19

** Shares of other Chinese automakers also fall, with Geely Auto 0175.HK down 8.9% at HK$18.5, lowest since May 13

** Hong Kong-listed shares of EV makers Li Auto 2015.HK, Leapmotor 9863.HK, NIO 9866.HK, Xpeng 9868.HK and Xiaomi 1810.HK down between 2.7% and 8.3%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • 屁屁鬼
    05-26
    屁屁鬼
    Promotion to clear the inventory, over reacting much
Leave a comment
1
1