BYD Stocks Drop After EV Taxi Fire Incident

BYD E6 1 photo
Photo: BYD
Stock values are always a sensitive matter, with their value constantly changing, according to what the market is doing, and what the company is doing at the same time, as negative events tend to manifest themselves rather quickly in the value of a company's stocks.
In the case of the Chinese manufacturer, BYD, the recent incident involving one of their cars, an all-electric BYD E6 which was being used as a taxi caught fire, killing the three people on board has certainly affected the market value of their stocks.

It is still unclear why the EV caught fire, even though no flammable fuel was on board, but what is certain is the fact that BYD’s Hong Kong-traded shares dropped by 7.5% and reached their lowest level of the last 10 months, with cumulative losses of the year amounting to no less than 11%. The incident also affected share prices in Shenzen, the province where it occured, as shares dropped in value by 6.9%.

Sadly, it’s becoming ever more apparent that there just may be something wrong with current EVs, as this incident is preceded by the Fisker fire in Texas, and another EV fire which took place last year in China, where a Fiat Multipla-based EV was burnt to a crisp.

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