BYD and Xiaomi shares surge after June delivery numbers show momentum holding
TL;DR
BYD gained 9% and Xiaomi 5% in Hong Kong trading after strong June deliveries. Deutsche Bank forecasts BYD’s Q2 profit rising 145% quarter on quarter.
Hong Kong-listed shares of Chinese EV makers surged on Thursday after June delivery figures beat expectations. BYD gained around 9% and Xiaomi climbed about 5%. BYD posted 403,472 vehicle sales in June, up 5.46% from the same month last year.
Deutsche Bank said BYD’s second-quarter sales volume rose 58% from the previous quarter to 1.1 million units. The bank forecasts quarterly net profit increasing 145% quarter on quarter to RMB 10 billion in Q2. BYD’s overseas sales jumped 94.7% year on year to 175,349 vehicles in June, though domestic deliveries fell 22%, indicating that international expansion is now driving growth.
Xiaomi reported its third consecutive monthof over 30,000 deliveries in June. The company’s January-to-June shipments totalled over 180,000 units, representing about 33% of...
Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE
