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BYD makes big cuts to 2010 sales targets
Shanghai, August 4 (Gasgoo.com) BYD Co., the Chinese automaker backed by Warren Buffett, cut its annual sales target for 2010 by 25% as growth slows in the world's biggest auto market, Bloomberg reported today.
China's car sales rose at a slower pace in the first half of this year compared to the same period last year. While BYD cars sold pretty well, ranking first among the country's own-brand carmakers, with a year-on-year growth of 60% on sales. However, the figure is not as good as expected.
BYD's share price has fallen by 19% in Hong Kong trading this year. The stock was 2.6 percent lower at HK$55.15 as of 11:50 a.m. local time.
The main reason for the continuous decline in BYD's share price is that its electric cars cannot achieve commercialization in a short term, an industry analysis said earlier.
Moreover, although motivated by the governments' subsidies, BYD sold only 14 F3DM plug-in hybrid sedans in April, 2 in May and 12 in June, which is far short of its sales target of 1000 units for 2010.
BYD now plans to sell 600,000 vehicles this year compared with its previous goal of 800,000 units. Forcasts say BYD' sales growth for the second half will be strong at over 50%.
China's car sales rose at a slower pace in the first half of this year compared to the same period last year. While BYD cars sold pretty well, ranking first among the country's own-brand carmakers, with a year-on-year growth of 60% on sales. However, the figure is not as good as expected.
BYD's share price has fallen by 19% in Hong Kong trading this year. The stock was 2.6 percent lower at HK$55.15 as of 11:50 a.m. local time.
The main reason for the continuous decline in BYD's share price is that its electric cars cannot achieve commercialization in a short term, an industry analysis said earlier.
Moreover, although motivated by the governments' subsidies, BYD sold only 14 F3DM plug-in hybrid sedans in April, 2 in May and 12 in June, which is far short of its sales target of 1000 units for 2010.
BYD now plans to sell 600,000 vehicles this year compared with its previous goal of 800,000 units. Forcasts say BYD' sales growth for the second half will be strong at over 50%.
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