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China Yongda Automobiles downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Olivia Xu downgraded China Yongda Automobiles to Sell from Neutral with a price target of HK$3.20, down from HK$8.00. The firm notes an increasing dealership discount in China following Tesla’s (TSLA) pricing cut in January and sees new car margin pressure amid ongoing vehicle pricing competition.

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