BUZZ-BYD's shares drop on report of EV price cut in promotion; rivals fall

Reuters
26 May
BUZZ-BYD's shares drop on report of EV price cut in promotion; rivals fall

** Hong Kong-listed shares of BYD Co Ltd 1211.HK drop 9.2% to HK$422.2, their biggest intraday pct decline since April 7

** Stock hits its lowest since May 16, and is top pct loser in the Hang Seng Automobile Index .HSAMI and the Hang Seng Index .HSI, which are down 5.2% and 1.3%, respectively

** BYD is launching a limited time offer on the mainland with steep discount on 22 EV models between May 23 and June 30, Hong Kong Economic Journal reported citing media

** BYD has not responded to Reuters' email request for comment

** BYD's Shenzhen stock 002594.SZ drops 6.2% to 380 yuan, its lowest since May 19

** Shares of other Chinese automakers also fall, with Geely Auto 0175.HK down 8.9% at HK$18.5, lowest since May 13

** Hong Kong-listed shares of EV makers Li Auto 2015.HK, Leapmotor 9863.HK, NIO 9866.HK, Xpeng 9868.HK and Xiaomi 1810.HK down between 2.7% and 8.3%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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