Doubts over BYD Co.’s sales targets and smart-car capabilities drove a $12 billion selloff in the Chinese electric-vehicle maker last month, even as it draws closer to Tesla Inc. as the industry’s top seller.

Hong Kong-listed BYD plunged 12% in November while Tesla and local rival XPeng Inc. gained more than 15% each. BYD’s loss was fueled by concerns over its ability to meet sales targets amid a difficult macro outlook, and the impact of price cuts to stave off tough competition.

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