China's BYD benefits from overseas demand — doubled exports
Kyiv • UNN
BYD's sales rose by 11% in October due to a doubling of exports, despite a decline in domestic demand. Chery increased its sales by 5%.
BYD Co., China's largest automaker, reported sales growth for the sixth consecutive month, as exports offset falling domestic demand. UNN reports this, citing Bloomberg.
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BYD's passenger-car sales rose 11% in October, as exports doubled while domestic deliveries declined, according to a statement on Sunday, November 1. Chery Automobile Co., the country's largest exporter, reported a 5% increase in sales and a 60% rise in exports.
BYD and Chery shares rose in Hong Kong trading on Monday, November 2, as sustained strong demand for Chinese vehicles abroad helped ease concerns about a prolonged downturn in their domestic market. Nevertheless, export growth did not necessarily impress investors, as BYD reported last week that its profit and revenue had failed to exceed analysts' expectations.
Among other Chinese automakers, Geely Automobile Holdings Ltd.'s overseas sales more than doubled, allowing it to increase total deliveries by 1%. Xiaomi Corp. and Xpeng Inc.'s monthly sales exceeded 50,000, while Zhejiang Leapmotor Technology Co. delivered more than 100,000 vehicles for the fourth consecutive month.
Meanwhile, Seres Group Co., the maker of Aito vehicles, reported a 50% drop in sales, while Li Auto Inc.'s monthly deliveries declined by 9%.