BYD Company's stock soared 6.08% in intraday trading on Friday, outperforming the broader market. This surge came after JPMorgan Chase raised its price target for BYD by more than 60%, citing expectations of strong growth and global expansion plans.
According to JPMorgan analysts, they project BYD to deliver 6.5 million electric vehicles globally by 2026, driven by the company's rapid international expansion and roll-out of its self-driving system. The analysts expect BYD's sales this year to increase 30% to about 5.5 million vehicles, potentially surpassing Volkswagen as China's largest carmaker in 2024.
The analysts highlighted that 2026 will be a strategic turning point for BYD's global ambitions, as the company's four overseas production bases in Thailand, Indonesia, Brazil, and Hungary will be completed and gradually increase production capacity. JPMorgan reaffirmed its buy rating on BYD's shares, raising the target price for BYD's Hong Kong and Shenzhen shares to HK$600 and 560 yuan, respectively, by June 2026.
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