Chinese carmaker BYD's shares slump on weakening sales
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Shares of BYD Co Ltd fell sharply, reaching their lowest level in a year after a 30% drop in January car sales, marking the biggest decline in nearly two years. The company's Hong Kong shares dropped 7.8% to HK$90.10, while Shenzhen shares fell 4.3% to 86.97 yuan. This decline is attributed to increased competition and a weakening technological lead. Despite a 43.3% rise in overseas sales, BYD's domestic demand remains weak, prompting plans for product innovations and a revised target of 1.3 million vehicles for overseas shipments in 2026.
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