By Jiahui Huang

Shares of BYD rose sharply in China and Hong Kong amid hopes that the Chinese carmaker will make autonomous-driving technology more affordable.

The automaker's Hong Kong-listed shares rose 12% to 315.80 Hong Kong dollars, or US$40.56, on Thursday, its biggest gain in percentage terms since March 2022. Its China-listed shares closed 10% higher, the daily limit for the stock in Shenzhen.

The gains came after BYD said it will host a press conference next week about its smart-car strategy, where analysts think the carmaker could announce that it will embed its autonomous-driving systems into its affordable car models.

"To make advanced autonomous-driving technology affordable for everyone," the company said in the event invitation, which is scheduled to take place in Shenzhen next Monday.

There is a likelihood of wider use of smart-car technology in mass-market car models, Daiwa analyst Kelvin Lau said.

BYD has been an industry leader in terms of its diversity of models and cheap price tags, but hasn't been a market leader with its autonomous-driving tech.

Analysts expect BYD to stake its claim in China's competitive autonomous-driving tech race at the upcoming press conference.

BYD's sharp share gains today are likely due to the upcoming press conference, Bocom International analyst Angus Chan said, adding that analysts are expecting there will be an increase in number of models with autonomous-driving tech.

In January, BYD's overseas sales hit a record 66,336 units, rising 83% from a year earlier and up 16% from December. Overall, BYD in January sold a total of 300,538 new-energy vehicles, a category that includes fully electric vehicles and plug-in hybrids.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

February 06, 2025 03:36 ET (08:36 GMT)

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