HK EV stocks shined, with Li Auto up 6%, Xiaomi and BYD up 5%.

JPMorgan boosts BYD share price target by 60% on strong growth projections

JPMorgan Chase has raised its price target for BYD by more than 60 per cent, as it expects China’s leading electric vehicle (EV) maker to deliver 6.5 million units globally by 2026 on the back of its rapid global expansion and roll-out of its self-driving system.

The US investment bank on Thursday increased the target price for BYD’s Hong Kong and Shenzhen shares to HK$600 and 560 yuan, respectively, by June 2026, and reaffirmed its buy rating.

“We expect 2026 to be an important strategic turning point and milestone for BYD’s global expansion ambitions, as the company’s four overseas production bases in Thailand, Indonesia, Brazil, and Hungary will be completed and gradually increase production capacity,” analysts including Nick Lai said in a note.

The analysts expect BYD’s sales this year to increase 30 per cent to about 5.5 million vehicles. BYD delivered 4.27 million pure electric and plug-in hybrid vehicles last year, an increase of 41.3 per cent from a year earlier.

Brazil officials say Chinese EV maker BYD subjected workers to ‘slavery-like conditions’

It is likely to surpass Volkswagen to become China’s largest carmaker – including EVs and petrol-powered vehicles – in 2024. Volkswagen has yet to release its full-year sales figures.