BYD overtook Tesla as the world's biggest seller of EVs but an earnings miss amidst a growing price war sent shares plunging the most in a year [Fortune]
Li Auto Inc. - American Depositary Shares (LI)
Company Research
Source: Fortune
sales this year, posting net income just below analysts' projections was enough to trigger the worst selloff in the Chinese company's shares in a year. BYD's stock slumped 6.1% in Hong Kong after the carmaker reported 2023 net income of 30.04 billion yuan ($4.16 billion) for 2023 on Wednesday. While that was the midpoint of a preliminary forecast of 29 billion yuan to 31 billion yuan given in January, the result missed the 30.94 billion yuan average forecast by analysts. The Shenzhen-based company told analysts of the sales goal in a call, people familiar with the matter said. Morgan Stanley analysts cited the figure in a report, adding that BYD is confident of steady profits this year, and calling it “impressive” against a challenging sector backdrop. BYD shares rose 11% last year. The results, reaction and prognosis underscore the dramatic ups and downs in the market for electric vehicles. As an industry leader, BYD may struggle to keep hold of its share because of seasonal sw
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LI
Sec Filings
- 4/23/24 - Form 6-K
- 4/18/24 - Form 6-K
- 4/12/24 - Form 6-K
- LI's page on the SEC website