The Chinese car manufacturer BYD once again felt the effects of tough competition on its home market in the third quarter.
Sales fell by a good 3 percent year-on-year to almost 195 billion yuan (23.6 billion euros), as the company announced on Thursday in Hong Kong. Profit fell even more significantly by almost a third to 7.8 billion yuan. While domestic rivals such as Geely and Chongqing Changan Automobile are seeing growth Electric carAlthough BYD was able to report sales, these fell by almost 2 percent to 1.15 million electric cars and plug-in hybrids in the quarter.
In the People’s Republic there is a brutal price war for the favor of car buyers. Unlike in Europe, electric cars are on the rise, especially in the cheaper market segments. According to figures from the Chinese manufacturers’ association CAAM, BYD recently lost its status as market leader in the world’s largest car market to the southern Chinese VW (Volkswagen (VW) vz) partner SAIC for the first time in a long time.
Analysts see BYD’s slower sales pace in China as primarily an effort to reduce dealer inventories before the group brings new models onto the market. Outside China, sales also increased significantly thanks to higher demand in Europe and Latin America, although still at a low level.
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HONKGONG (dpa-AFX)
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