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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  BYD Company Limited    002594   CNE100001526

BYD COMPANY LIMITED

(002594)
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China's auto industry discusses ways to boost rural car sales: sources

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11/11/2019 | 12:29am EST
Cars for export wait to be loaded onto cargo vessels at a port in Lianyungang

China's auto industry executives met with government officials over the weekend to discuss ways to promote higher car sales in rural areas, sources familiar with the matter said.

The country's car manufacturers are grappling with the pressures of falling sales in the world's largest car market and are seeking new policies.

A senior official at the China Association of Automobile Manufacturers (CAAM), Zeng Guang, confirmed to Reuters that the meeting had been organised in Beijing by the association's magazine Auto Review.

He declined to provide details of the discussions but said participants had agreed that the current sales decline was normal give how China's car market was still developing.

Sources told Reuters the meeting was titled "cars for the rural areas", emphasising the need to target sales outside of the country's cities where sales have been especially weak.

China's state planner had issued a series of measures in June to revive a slump in car sales but these had fallen short of automakers' expectations and done little to spur sales.

Sources with knowledge of the meeting said government officials told participants they were considering policies to expand the second hand car market in rural areas and to improve vehicle retirement policies. They also urged firms to develop electric vehicle models that are suitable for the rural market.

However, government officials warned that short-term stimulus policies would hurt the industry's long-term development and was not a route Beijing was keen to pursue. They did not make any commitments during the meeting, the sources said.

A senior official at CAAM told Reuters last month auto sales in China may drop around 8% to 26 million this year but were ultimately still on track to hit 30 million by 2023 with further headroom.

Government officials from the National Development & Reform Commission (NDRC), Ministry of Industry and Information Technology (MIIT) and Ministry of Commerce attended the meeting, two sources with direct knowledge of the matter told Reuters.

The NDRC, MIIT and the commerce ministry did not immediately respond to faxed requests for comment.

Executives from domestic car manufacturers and foreign firms' joint ventures were also in attendance, they said.

According to a document seen by Reuters, Volkswagen's local venture with FAW Group [SASACJ.UL], General Motors' Guangxi-based venture with SAIC, Nissan's venture with Dongfeng and Chinese brands such as BYD were on the invitation list.

Volkswagen, General Motors, Nissan and BYD did not immediately respond to requests for comment.

(Editing by Jacqueline Wong)

By Yilei Sun and Brenda Goh

Stocks mentioned in the article
ChangeLast1st jan.
BYD COMPANY LIMITED End-of-day quote.
DONGFENG AUTOMOBILE CO. LTD -0.22% 4.5 End-of-day quote.25.00%
GENERAL MOTORS COMPANY 0.65% 35.54 Delayed Quote.6.25%
NISSAN MOTOR CO., LTD. -0.24% 675 End-of-day quote.-21.15%
SAIC MOTOR CORPORATION -0.22% 22.75 End-of-day quote.-14.70%
TOYOTA MOTOR CORPORATION -0.54% 7727 End-of-day quote.25.03%
VOLKSWAGEN AG 0.95% 176.6 Delayed Quote.27.12%
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Financials (CNY)
Sales 2019 127 B
EBIT 2019 6 136 M
Net income 2019 1 682 M
Debt 2019 53 157 M
Yield 2019 0,31%
P/E ratio 2019 52,7x
P/E ratio 2020 38,1x
EV / Sales2019 1,29x
EV / Sales2020 1,15x
Capitalization 110 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 26
Average target price 34,72  CNY
Last Close Price 33,39  CNY
Spread / Highest target 102%
Spread / Average Target 3,99%
Spread / Lowest Target -55,6%
EPS Revisions
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