BYD misses quarterly earnings forecasts due to supplier payments crackdown - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
比亚迪

BYD misses quarterly earnings forecasts due to supplier payments crackdown

Chinese carmaker’s revenues also affected by Beijing’s campaign against discounting which has cooled EV price war
00:00

{"text":[[{"start":11.18,"text":"China’s electric vehicle champion BYD reported lower than expected earnings for the second quarter, hit by Beijing’s crackdown on aggressive discounting and long-term supplier payment practices. "}],[{"start":25.36,"text":"The group’s first decline in quarterly profits for the first time in more than three years comes as growth in the Chinese EV market loses steam. The Shenzhen-based carmaker, which is vying for the world’s top EV maker position with Tesla, is eyeing further expansion overseas."}],[{"start":46.21,"text":"BYD’s net income dropped almost 30 per cent to Rmb6.4bn ($897mn), missing analysts’ expectations of Rmb10.7bn. The carmaker recorded a 14 per cent year-on-year rise in revenue to Rmb201bn in the three-month period, falling short of consensus forecasts of Rmb220bn. "}],[{"start":76.69,"text":"Second-quarter gross margin dropped to 16.3 per cent from 18.7 per cent a year earlier, as the company was forced to amend its supplier payment practices."}],[{"start":92.08,"text":"BYD promised in June to more than halve payment times to suppliers to 60 days, after Chinese regulators warned a dozen domestic car manufacturers against aggressive price cuts and mounting unpaid bills. BYD has long been criticised by suppliers for its long payment terms and issuance of promissory notes as an alternative to cash."}],[{"start":118.57,"text":"Exchanging faster payments for lower component pricing has been another common tactic used by BYD and its local peers."}],[{"start":128.91,"text":"The price war in China’s EV market has also cooled off, as the country’s top officials recently launched a counteroffensive against aggressive discounting on the back of surging production, known as neijuan. The average discount offered by 11 major carmakers in China, including BYD and Tesla, narrowed to 6.7 per cent in early August from a peak of 8 per cent in the second half of June, according to Citi analysts."}],[{"start":161.95,"text":"The auto sector has been among the key targets in Beijing’s campaign against neijuan. The price cuts have been adding to China’s stubborn deflationary pressures, one of China’s key economic problems, and fuelling tensions with the country’s biggest trading partners as companies turn to exports. "}],[{"start":182.79999999999998,"text":"The results announcement came after the market close on Friday, but ahead of the report, BYD’s shares had fallen 25 per cent from a record high in May, when the group’s “God’s Eye” advanced driver-assistance system and the release of its five-minute battery charging technology buoyed investor optimism. "}],[{"start":204.08999999999997,"text":"Outside the competitive home market, BYD is enjoying greater momentum abroad. The group’s overseas sales of battery-powered vehicles and plug-in hybrids more than doubled to 550,000 units in the first seven months of the year. "}],[{"start":221.22999999999996,"text":"BYD is benefiting from Tesla’s recent retreat in Europe, where the Chinese automaker sold more EVs than the Elon Musk-led group for the first time in May. With its inroads into the continent coinciding with a consumer backlash against Musk’s political activism, BYD’s plan to start production at its new Hungary and Turkey factories as soon as this year is expected to expand its global footprint and cushion tariff risks. "}],[{"start":252.70999999999995,"text":"The Warren Buffett-backed company has built a fleet of six car-carrying “roll-on, roll-off” ships for exports, the management said in a filing on Friday, while hinting at adding more overseas production capacity to “fully prepare for a surge in international demand”."}],[{"start":281.23999999999995,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1756683966_5904.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

唐伟:希音交易操盘手未能迎来他的好莱坞式结局

快时尚零售商希音的前执行主席接受专访,谈到他在IPO数周前退居幕后的“艰难决定”。

第31届联合国气候变化大会候任主席:是时候把承诺付诸行动了

土耳其的穆拉特•屈吕姆呼吁出席联合国气候峰会的各国在实地取得成果。

卡利生物多样性基金募资不足1.1万美元

自然保护筹资困境突显联合国协议缺乏法律约束力的局限。

市场对民主党有什么期待?

当前股市的动荡已经说明了民主党面临的任务有多艰巨,该党需要保障经济增长并维持投资者信心。
6小时前

美国需要新经济议程

哈伯德:单靠促进增长的政策,无法解决那些担心生活成本的选民的忧虑。

美国通胀数据能否缓解生活成本焦虑?

《市场前瞻》是英国《金融时报》对未来一周的指引。
11小时前
设置字号×
最小
较小
默认
较大
最大
分享×