By Alison Leung
July 7, 2010 4:24 PM EDT
Auto sales of U.S. billionaire Warren Buffett-backed BYD Co fell 21 percent in June from May, making it harder for the auto maker to achieve its sales target of 700,000 unit for 2010, Credit Suisse said.
The company sold 35,400 vehicles in June, taking total sales to about 289,000 for the first six months, representing 41 percent of its sales target for the whole of 2010, Credit Suisse said in a research report dated July 6.
"BYD is likely to reduce 2010 sales guidance in the near term," it said.
A BYD spokesman declined to comment on the report but said the company's sales figure for June was not ready yet.
"We have not announced any formal sales target although we have an internal management estimation," he added.
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China's passenger car sales growth is expected to slow down this year after breakneck growth in 2009 due in part to Beijing's tighter credit measures.
BYD sold more than 180,000 vehicles in the first six months of 2009, based on its interim earnings report.
Shares of BYD fell 5.3 percent on Wednesday, lagging a 3 percent gain on rival Dongfeng Group and a 1.1 percent fall on the broader market.
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