Tesla woes bolster appeal of top China EV maker BYD: Tech Watch
[ad_1]
Even as the supercharged rally in Tesla Inc. cools on weaker sales growth, expectations are ramping up for China's top electric-vehicle maker BYD Co. thanks to record-high profits.BYD is rapidly closing in on Tesla as the world's biggest seller of pure electric vehicles. Yet shares of Elon Musk's company are still up 68% this year, even with the recent pullback, far outpacing the 28% rise in BYD's Hong Kong-listed stock. That could be poised to change. Traders have snapped up bullish options on BYD, while analysts have raised earnings-per-share projections for the Chinese company to a record high since its preliminary quarterly report this month. BYD posted all-time high sales despite intensifying competition and a broader slowdown in sales of China's new-energy cars. We are now ...