Automaker BYD Co. Limited (HK:1211) is launching its first electric vehicle (EV) in Indonesia next week to boost its global expansion. Earlier in September 2023, the Indonesian government stated that BYD was looking for investment opportunities to tap the growing EV ecosystem in the country. BYD stock gained 1.37% in today’s trading session.
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Based in China, BYD Co. is one of the leading EV manufacturers in the world.
BYD’s Global Drive
Chinese EV players are facing concerns like market overcapacity and economic slowdown in the domestic market, which is pushing them to speed up their global expansion. In December 2023, BYD announced its intention to accelerate its presence in the international market and reduce its dependency on mainland China.
Last year, BYD reported a stellar performance with an impressive 62% increase in vehicle sales. It sold 3.02 million units, surpassing its annual target of 3 million vehicles. Additionally, the company experienced higher growth driven by its international expansion strategy. In December, BYD sold 36,095 new energy vehicles (NEVs) in international markets, marking a year-over-year increase of nearly 219%.
The company is also eyeing the European market and is currently engaged in discussions with the Hungarian government to secure an investment for an EV factory. The company aims to account for one in every ten EV sales in Europe by 2030.
Is BYD Company a Good Stock to Buy?
According to TipRanks, 1211 stock has received a Strong Buy consensus rating, backed by seven Buys and one Hold recommendation. The BYD Co. share price target is HK$323.97, which implies an upside of 58% from the current trading level.
