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BYD: No Such Thing as 'Evergrande in Auto Industry' Among CN Mainstream Automakers
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Li Yunfei, General Manager of Brand and Public Relations at BYD COMPANY (01211.HK), responded to online rumors suggesting BYD as the “Evergrande in the auto industry”, Chinese media reported. He defended that the asset and liability situation of China's mainstream automakers is better than that of foreign car companies, and there is no such thing as “Evergrande in the auto industry” among China's mainstream automakers. Regarding BYD's total liabilities of over RMB580 billion, he pointed out that Toyota has RMB2.7 trillion, Volkswagen RMB3.4 trillion, Ford RMB1.7 trillion, Geely RMB504.7 billion, and SAIC RMB610.4 billion, questioning whether this also implies these companies are in danger. Since the beginning of this year, BYD has seen exponential growth in its business in many countries and mainstream markets overseas, believing that China's automotive development is currently stellar and described it as unstoppable. Wei Jian Jun, GWMOTOR (02333.HK), had mentioned in an earlier interview with a Chinese news outlet that the auto industry already seen an “Evergrande”, although it has not yet collapsed. AASTOCKS Financial News Website: www.aastocks.com |
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