BYD Growth Doubts Drives $12 Billion Sell-Off

(Bloomberg) — Doubts over BYD Co. Ltd.’s sales targets and smart-car capabilities drove a $12 billion sell-off in the Chinese electric-vehicle (EV) maker last month, even as it draws closer to Tesla Inc. as the industry’s top seller.

Hong Kong-listed BYD plunged 12% in November while Tesla and local rival XPeng Inc. gained more than 15% each. BYD’s loss was fueled by concerns over its ability to meet sales targets amid a difficult macro outlook, and the impact of price cuts to stave off tough competition.