BYD Company's stock surged 5% in Wednesday's intraday trading session, outperforming the broader market. The soaring share price could be attributed to the company's strong insurance registration figures, indicating robust demand for its electric vehicles (EVs) despite disruptions caused by the recent Chinese New Year holiday.
According to data shared by Li Auto, BYD registered 28,900 new insurance units in China during the week ending February 9th. While lower than the combined 68,100 units in the previous two weeks, this figure stands out among major EV makers, reflecting BYD's resilient sales momentum.
The positive insurance registration data aligns with BYD's impressive January sales figures, where the company sold 300,538 new energy vehicles (NEVs), marking a 49.16% year-over-year increase. Moreover, BYD recently unveiled its vehicle intelligence strategy, aiming to bring smart driving capabilities to its affordable EV lineup, potentially boosting its competitive edge and further driving demand.
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