Warren Buffett-Backed BYD Reports 37% Drop In February Sales, Breaking Growth Streak
Portfolio Pulse from Anan Ashraf
BYD Co Ltd, backed by Warren Buffett's Berkshire Hathaway, reported a 37% year-over-year drop in sales volume for February 2024, selling 122,311 new energy vehicles. This marks a significant change as BYD had been experiencing sales growth throughout 2023 and even in January 2024. The company, which ceased production of oil-fueled vehicles in April 2022, sold 54,908 battery electric vehicles (BEVs) in February, nearly 39% lower than the previous year and 48% down from January 2024. In Q4 2023, BYD surpassed Tesla as the biggest BEV seller.
March 02, 2024 | 8:28 am
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NEGATIVE IMPACT
BYD Co Ltd reported a significant 37% drop in sales volume for February 2024, with a notable decrease in battery electric vehicle sales.
The reported 37% drop in sales volume for February 2024 is a significant reversal from BYD's previous growth trajectory. This decline, especially in the battery electric vehicles segment, could negatively impact investor sentiment and stock price in the short term, given the company's recent overtaking of Tesla in BEV sales.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
BYD Co Ltd reported a significant 37% drop in sales volume for February 2024, with a notable decrease in battery electric vehicle sales.
The reported 37% drop in sales volume for February 2024 is a significant reversal from BYD's previous growth trajectory. This decline, especially in the battery electric vehicles segment, could negatively impact investor sentiment and stock price in the short term, given the company's recent overtaking of Tesla in BEV sales.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100