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Bernstein analyst Eunice Lee maintained a Buy rating on BYD Co, setting a price target of HK$130.00. Lee, a 3-star analyst with a 7.3% average return, focuses on the Consumer Cyclical sector. The Street consensus suggests a Strong Buy for BYD Co with a $17.30 average price target.
The Italian competition authority AGCM has dropped its investigations into BYD, Stellantis, Tesla, and Volkswagen over allegations of misleading consumers about the performance of their electric vehicles. The automakers have agreed to revise their websites for transparency, integrate a simulation tool for comparing vehicle ranges, and clarify battery warranty terms. The AGCM accepted these commitments and waived financial penalties.
BYD plans to build a new e-bus factory in São Paulo, Brazil, within three years due to rising demand. The current Campinas plant's capacity is fully utilized, prompting a temporary facility to double production. The new factory will produce 6,000-7,000 chassis annually and employ 700-800 people, expanding BYD's product range to include electric trucks. The expansion aims to meet local and export demands, driven by a fleet replacement wave among public transport operators.
BYD has officially entered the Iraqi automotive market, launching the Shark 6 pickup. The brand held a launch event in Baghdad, marking a strategic move in the region. BYD offers eight models in Iraq, including PHEVs and BEVs, and plans to establish after-sales service centers. The Shark 6, a hybrid pickup, is not available in China but has been launched in several other markets. BYD's entry into Iraq is part of its regional strategic layout.
BYD has reached a significant milestone by producing its 15 millionth new energy vehicle (NEV), just 13 months after its 10 millionth unit. The milestone vehicle is the N8L SUV from its Denza sub-brand. BYD, founded in 1995, has grown rapidly in the NEV sector, ceasing production of internal combustion engine vehicles in 2022. The company continues to expand its global production capabilities.
