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Autos Generally Soften on Fears of Intensified Price War; BYD COMPANY Shrinks 4%
Recommend 39 Positive 57 Negative 26 |
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The market was worried that the promotional activities may cause the price cut war of Chinese car makers, intensifying competition and affecting the profits of car companies. Chinese major automakers generally weakened this morning (27th). After yesterday (26th)'s sharp fall of nearly 9%, BYD COMPANY (01211.HK) opened 1.7% lower this morning, and its losses widened in the morning session. It closed at $407.4 near noon, shrinking 4.2%, with a turnover of $4.014 billion. The rest of the major automakers generally softened. GAC GROUP (02238.HK) and GWMOTOR (02333.HK) shed 1.8-2%, while GEELY AUTO (00175.HK), BRILLIANCE CHI (01114.HK) and DONGFENG GROUP (00489.HK) faded 2.8-3.2%. New forces of the auto industry were weak, with XPENG-W (09868.HK), LI AUTO-W (02015.HK) and NIO-SW (09866.HK) losing 1.9-3.8%. LEAPMOTOR (09863.HK) continued to sag 2.6%, while XIAOMI-W (01810.HK) also dropped 1.1%. AAStocks Financial News Website: www.aastocks.com |
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