China’s Biggest Economic Tragedy, Buffett Completely Sold Off BYD, EV Companies Face Mass Closures
China’s Biggest Economic Tragedy, Buffett Completely Sold Off BYD, EV Companies Face Mass Closures
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According to Bloomberg, BYD’s China deliveries dropped by about 10% from May to August this year, halting their previous growth streak. The company’s August financial report showed a 30% drop in net profits for the first time in three years, causing a sharp 8% drop in stock prices and a market value loss of over 6 billion USD. In the past four months, BYD’s stock price in Hong Kong has fallen about 30%, with its total market value shrinking by 45 billion USD.
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