BEIJING/HONG KONG May 28 Shares of Warren
Buffett-backed Chinese automaker BYD Co Ltd
slumped in heavy volume on Monday after a deadly weekend
accident involving one of its electric vehicles which caught
fire, according to media reports.
A Nissan GT-R crashed into a BYD e6 taxi at high speed in
the southern Chinese city of Shenzhen early on Saturday. The
all-electric battery car caught fire and three people were
killed, Chinese media reported, citing police.
A BYD official said the company was "sorry for the deaths"
the accident caused but declined to comment on the cause.
"The accident is under police investigation and we're
waiting for its results," the official said.
Though it was unclear why the BYD car caught fire, if it is
determined that its lithium-ion battery was to blame, the
accident could have an impact on not only BYD but on the global
Many automakers have embraced electric cars and plug-in
hybrid cars, most of which rely on technology similar to the
BYD's, as a possible long-term alternative to gasoline-fueled
At 0536 GMT, BYD's Hong Kong-traded shares were down 7.5
percent at their lowest level since October, bringing losses on
the year to more than 11 percent. It fell 59 percent in 2011 and
40 percent in 2010.
In Shenzhen, BYD shares were down 6.9 percent at their
lowest since January. The stock is down 0.4 percent
(Reporting by Beijing and Hong Kong bureaus; Writing by Clement
Tan; Editing by Robert Birsel)