BYD, the Chinese carmaker backed by US billionaire Warren Buffett, has slashed its sales forecast for this year by 25 per cent as growth in the world’s largest auto market slows.
The Shenzhen-based car and battery maker said on Wednesday that it expected to sell 600,000 cars in 2010, down from 800,000 forecast earlier this year, because of capacity constraints.
The revision comes amid signs of softening in China’s car market. This week Ford said sales in China had fallen 6.3 per cent in July from the same period a year ago. General Motors has said that inventory at many of its rivals in China is piling up.
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