Shares of BYD Co Ltd surged to an all-time high in Hong Kong trading on Wednesday. The electric vehicle maker’s stock rose 2.8% to HK$457.20 by late trading, reaching a peak of HK$464.20 earlier in the day. This gain helped lift the Hang Seng index by 0.5%.
Citi raised its price target for BYD shares from HK$688 to HK$727 and maintained a “Buy” rating. The bank cited strong export performance as the key reason for the upgrade.
According to Citi, China’s passenger car export patterns in the first four months of 2025 favor BYD more than its competitors. BYD’s export market share jumped to 38% from 23% year-over-year during this period.
The brokerage also pointed out that BYD’s growth in plug-in hybrid electric vehicle exports has not yet been fully recognized by the market. This aligns with BYD’s goal to sell at least half of its vehicles outside China by 2030. The company has expanded aggressively into international markets such as India, Southeast Asia, and Europe.
BYD is a strong competitor to Tesla in China, often outperforming Tesla when hybrid sales are included. The company faces limited risks from U.S. trade tariffs since it is currently blocked from entering the American market.
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