China’s Car Industry Slams Into the World
BYD Co., the world’s largest maker of electric vehicles, reported that sales in August increased 0.2% from the same month last year. That rate was down from July’s year-on-year increase of 0.6% and the 12.0% jump in June.
The company’s car production in August dropped 3.8% year-on-year. In July, production fell 0.9%, the first dip in 17 months.
The Shenzhen-based carmaker, buoyed by a record fourth quarter last year, forecast sales of 5.5 million units this year. To meet that target, the company has to sell an average of 560,000 cars in each month of the second half of this year. BYD sold 344,296 vehicles in July and 371,501 in August. Reuters in September reported that the company reduced its sales target to 4.6 million vehicles.
