BYD Company, China's leading electric vehicle (EV) and battery manufacturer, witnessed a remarkable 5.55% surge in its stock price on November 4th, 2024. This surge can be attributed to two key factors: record-breaking October sales figures and the expansion of its Denza EV brand into Thailand.
According to reports, BYD achieved an all-time high monthly sales record in October, selling 502,657 electric and hybrid vehicles. This impressive figure represents a 66.5% year-over-year increase and a 19.8% increase compared to September 2024. The company's strong sales performance was driven by robust domestic demand in China, aided by government subsidies and the traditionally strong season for auto sales.
Furthermore, BYD announced the launch of its Denza brand in Thailand, marking the brand's fourth international market in the Asia-Pacific region. Previously, the Denza EV brand had been introduced in Hong Kong, Cambodia, and Singapore. This strategic move to expand into the significant Thai automotive market demonstrates BYD's ambitions to establish a stronger presence in the rapidly growing Southeast Asian EV sector.
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