- BYD slashed its full-year sales target by 25 percent.
- Its 2010 sales target has been lowered from 800,000 to 600,000 units.
- BYD failed to meet its half-year goal.
SHENZHEN, China — BYD slashed its full-year sales target by 25 percent, and investors responded by trimming a modest 1.4 percent on the Hong Kong stock exchange.
The Shenzhen-based battery and electric-car producer, backed by billionaire Warren Buffett, forecast its 2010 sales at 600,000 vehicles, much lower than its previous estimate of 800,000 units.
The revised forecast came after BYD and other domestic car producers failed to meet half-year sales targets despite spectacular sales growth.
BYD boosted sales by 63.5 percent to 289,000 units for the first half of this year.
Industry analysts and automakers previously expected 25-percent industry sales growth this year after a market boom in 2009. Brisk sales have triggered aggressive production expansion among carmakers since the beginning of this year.
However, the cooling economy and sluggish stock market have put a brake on demand since April, putting pressure on carmakers' inventories.
Inside Line says: One BYD official was quoted as saying the major reason behind its lower sales forecast was limited production capacity. — Vivian Jin, Correspondent
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e90_m3 says:
10:48 AM, 08/05/2010
I see more of Acadia in the SUV....
jm1212 says:
10:39 AM, 08/05/2010
its a chinese company. carbon copying shouldnt be much of a surprise.
klavasseur says:
08:13 AM, 08/05/2010
Wow, that SUV on the right side, holy Lexus RX, Batman!!!