0357 GMT - Daiwa expects BYD to sell between 4.4 million and 4.8 million cars in China over 2025-2026, breaking Volkswagen's sales-volume record of 4.2 million set in 2019, Daiwa analyst Kelvin Lau says in a research note. BYD could roll out smart driving functions in its Ocean and Dynasty models from 2025 to enhance its leadership in the mass-market segment in China, he says. For the overseas markets, Lau reckons that BYD could sell as much as 3.4 million units in the long term. Despite its mass-market segment success, BYD is still at an exploration stage of entering the premium segment and has yet to make significant progress, the analyst says. Daiwa maintains a buy rating on BYD's stock and raises its target price to HK$431.00 from HK$376.00. Shares are last at HK$250.20. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
November 27, 2024 22:57 ET (03:57 GMT)
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