Chinese carmakers need to build more competitive cars: BYD president [Yahoo! Finance News]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Yahoo! Finance News
China’s electric vehicle manufacturers posted significant losses last month, as steep cuts in government subsidies continued to weigh on the sector. But a top executive at the country’s largest EV maker, BYD, says Chinese carmakers need to “build more competitive cars” to reduce their reliance on government policies. “We need to deliver a safer car, and a more reliable car, to the consumer,” Stella Li, BYD Motors president, told Yahoo . Deliveries for Warren Buffett-backed BYD plummeted 75% to 7,133 last month, with sales declining for a seventh straight month. Government policies have helped fuel the dramatic growth of EVs in the world’s largest auto market. Beijing set out to reach 7 million in annual sales for EVs by 2025 to make up a fifth of its overall car sales and implemented a string of tax incentives and subsidies to help carmakers reach those targets. But the government reversed course last year, slashing subsidies by more than half in July, sending sales into a downward sp
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