Shares of BYD Company, China's leading electric vehicle (EV) and battery manufacturer, surged 5.55% on November 4th, 2024, as the company reported record-breaking October sales figures and announced the expansion of its Denza EV brand into Thailand.

BYD achieved an all-time high monthly sales record in October, selling 502,657 electric and hybrid vehicles, representing a remarkable 66.5% year-over-year increase and a 19.8% increase compared to September 2024. This impressive sales performance was driven by robust domestic demand in China, fueled by government subsidies and the traditionally strong season for auto sales. Additionally, BYD announced the launch of its Denza EV brand in Thailand, marking the brand's fourth international market in the Asia-Pacific region after Hong Kong, Cambodia, and Singapore. This strategic move demonstrates BYD's ambitions to establish a stronger presence in the rapidly growing Southeast Asian EV sector.

BYD's stock surge was also supported by the overall positive sentiment surrounding Chinese EV makers. Several other major players, such as XPeng, Li Auto, and Nio, also reported strong October sales figures, reflecting the surging domestic demand for electric vehicles in China. Analysts attribute this trend to government subsidies and the traditionally strong season for auto sales, as well as the expectation that the trade-in policy for EVs will continue into 2025, further boosting demand.