BYD reports higher sales for sixth month on exports
BYD, China’s biggest carmaker, 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% as exports doubled and local deliveries fell, according to a statement on Sunday. Chery Automobile, the nation’s biggest exporter, reported sales increased 5%, with exports climbing by 60%.
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 hasn’t necessarily impressed investors as BYD last week reported earnings and revenue that missed analyst estimates.
Among other automakers, Geely’s overseas sales more than doubled, allowing it to squeeze out a 1% 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% decline in sales, while Li Auto’s monthly deliveries dropped by 9%.
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