BYD Co.'s Missed Earnings Triggers Stock Slump Despite 20% Sales Growth Target

BYD Co. surpassed Tesla Inc. as the top seller of electric cars in the last quarter of 2023, but faced a significant selloff in shares after its net income for 2023 fell short of analysts' estimates. Despite targeting a 20% rise in sales, the stock plunged 6.1% in Hong Kong. The carmaker reported a net income of 30.04 billion yuan, slightly below the 30.94 billion yuan average forecast by analysts. This unexpected outcome has raised concerns about the company's performance and its capacity to meet its sales target.