BYD Stock Plummets. How China’s EV Price War Tanked Tesla Rival’s Earnings. Barron's Events
China’s electric-vehicle (EV) king BYD reported a 30 per cent drop in profits in the second quarter as surging overseas sales failed to offset the negative impact of a brutal price war in the domestic market. The Shenzhen-based company earned 6.4 billion yuan (US$894.6 million) in the three months to June, down 29.9 per cent from a year earlier. Revenue grew 14 per cent year on year to 201 billion yuan. The second-quarter numbers are derived by comparing BYD’s interim earnings to its results for... Economics
Tesla Rival Li Auto Stock Falls After Earnings Amid China’s EV Price War Barron's Events
China’s Price War Puts Alibaba Under Spotlight Before Earnings Bloomberg.com Events
Li Auto Stock Falls. How China’s EV Price War Dented Earnings. Barron's Events
China's industry ministry to meet solar firms for more price war talks, Yicai reports Reuters Economics
Price War Hits to China Corporate Profits Confirm Investor Fears Bloomberg.com Economics
As a fierce price war threatens to turn their revenues microscopic, China’s steel firms are calling for changes to make the industry less self-destructive – a move in line with directives from Beijing to suppress a downward spiral that has degraded multiple sectors of the country’s economy. While acknowledging the seemingly endless drive to reduce prices is erasing profit margins, industry insiders still struggle to find a market for their chronic oversupply, and expressed scepticism over the... Events
