Investing.com-- Hong Kong-listed shares of BYD Co (HK: 1211 ) declined as much as 6% on Monday, retreating from last week’s record high, as investors locked in profits.
The pullback follows a strong rally that has seen the stock gain nearly 75% year-to-date, prompting investors to lock in profits at a record peak level of HK$477.80 reached on Friday.
As of 02:34 GMT, Hong Kong-listed shares were trading 5% lower at HK$441.80.
Contributing to the decline, BYD introduced significant discounts across its electric vehicle lineup over the weekend, aiming to boost sales volumes. While the aggressive pricing strategy may stimulate short-term demand, concerns emerged over potential impacts on the company’s profit margins.
Despite the day’s downturn, BYD remains a prominent player in the global EV market, with plans to double its overseas sales to over 800,000 units in 2025.