BYD, Geely tap global EV demand to escape China price wars



BYD, Geely tap global EV demand to escape China price wars
BYD and Geely Auto, vying to be China’s biggest carmaker, both rose in Hong Kong stock trading as higher exports offset concerns about domestic price competition.
Electric-vehicle giant BYD climbed 4.4 per cent on Wednesday even after reporting a 55 per cent drop in first-quarter net income to 4.09 billion yuan (US$590 billion), the lowest quarterly profit in three years. Geely gained 2.6 per cent, overcoming a 27 per cent decline in earnings to 4.2 billion yuan.
BYD sold 46 per cent of its…

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