BYD Co., the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., extended a slide sparked by CLSA Asia Pacific Markets cutting its price target by 94 percent, tumbling the most since March in the U.S.
Forget spreadsheets. Yankun Hou, an award-winning auto industry analyst at UBS AG, counts Toyotas and BMWs in the parking lots of car factories in China using satellite images from Google Maps to gauge inventory buildups.
Chongqing, China will subsidize purchases of vehicles made in the city as the first local government to offer such incentives since Premier Wen Jiabao said last month the economy faces increasing downward pressure.
BYD Co. , the Chinese automaker backed by Warren Buffett , fell as much as 3.9 percent in Hong Kong trading today, the lowest level in almost a year, after second-quarter profit was below analysts’ expectations.
Spyker Cars NV , the Dutch owner of cash-strapped Saab Automobile, will have difficulty overcoming Chinese policy aimed at industry consolidation as the carmaker seeks a tie-up with Pangda Automobile Trade Co. , analysts said.