Chinese-owned electric car giant BYD may miss sales target as it writes off €11bn

With other headwinds including a selldown by longtime backer Warren Buffett’s Berkshire Hathaway and a EU anti-subsidies probe into Chinese EVs, BYD shares have severely lagged most peers.

Doubts over BYD’s sales targets and smart-car capabilities drove a $12bn (€11bn) selloff in the Chinese electric vehicle maker last month, even as it draws closer to Tesla as the industry’s top seller.

Hong Kong-listed BYD plunged 12% in November while Tesla and local rival XPeng gained more than 15% each. BYD’s loss was fuelled by concerns over its ability to meet sales targets amid a difficult macro outlook, and the impact of price cuts to stave off tough competition.