BYD was able to report some news at the beginning of the week. After Hong Kong’s stock market was closed on Tuesday for a holiday, shares of the electric car maker responded on Wednesday with a rise of nearly nine percent. This also loosens the technical picture somewhat.
Messages from BYD and Sixt, among others, gave the segment a new impetus. As the two companies announced on Monday, the car rental company will buy nearly 100,000 cars from the Chinese by 2028. BYD’s first electric cars should be available for rent in the next few weeks, initially in Germany, France, the Netherlands and the UK. Further possibilities of cooperation should be explored.
There is no financial information about the partnership, but it can be assumed that BYD will benefit from it in view of the upcoming European expansion. This greatly increases the visibility of the brand, which is unknown in Europe, and offers the opportunity to present your own cars. In addition, BYD will gain great strength from the expansion plans of Chinese car manufacturers and, unlike Nio, for example, it can plan with permanent sales in Europe.
Strong quarterly results
Another reason for the jump in the price of BYD sheets is the September sales figures. With 201,259 New Energy Vehicles (NEVs), the company sold nearly 184 percent more than the previous year. This brings BYD up to 538,704 NEVs sold in the third quarter and should have no problems reaching the annual target of 1.5 million units.
Basically, things are still going well at BYD. The company is convincing with strong sales figures and is receiving an additional boost in its expansion plans. With more electric models in the pipeline, the Chinese are in a good position. From a technical point of view, low formation is emerging. Confident investors are getting their foot in the door at current levels.
Conflict of Interest Statement
The author has direct positions in the following financial instruments mentioned in the publication or related entities that may benefit from the price promotion resulting from the publication: BYD
Replicas at Sixt are in the real DER AKTIONÄR warehouse.