Chinese automakers' sales data showed that domestic weakness is lingering, UOB Kay Hian's Ken Lee says in a note. June sales, mixed across companies, were supported by robust export growth, Lee writes. BYD and Geely outperformed on overseas sales and electric vehicles, but Great Wall Motor and Li Auto missed estimates due to domestic pressures and model transitions, the analyst notes. For 2H, factors driving BYD's sales include the ramp-up of flash-charging models, increased production at overseas factories and expanded sales channels, Lee says. Geely could grow sales on EV models and exports. The brokerage raises its target for BYD to HK$135 from HK$120 but lowers it for Geely to HK$27 from HK$36. (kimberley.kao@wsj.com)
Dow Jones Newswires
China's Domestic Automobile Sector Remains Weak — Market Talk
Chinese automakers' sales data showed that domestic weakness is lingering, UOB Kay Hian's Ken Lee says in a note. June sales, mixed across companies, were supported by robust export growth, Lee writes. BYD and Geely outperformed on overseas sales and electric vehicles, but Great Wall Motor and Li A…