BYD Stock Hits Record High as Citi Boosts Target on Strong Export Growth

Shares of BYD Co Ltd (HK:1211) surged to a record high in Hong Kong on Wednesday, driven by strong investor confidence and an upgraded price target from Citi. The stock climbed 2.8% to HK$457.20, peaking earlier at HK$464.20, making it one of the top gainers on the Hang Seng Index, which rose 0.5%.

Citi raised its price target for BYD to HK$727 from HK$688 and reaffirmed its Buy rating. The bank cited April’s export data, which indicated that 2025 is shaping up to be a particularly strong year for BYD compared to its electric vehicle (EV) peers. BYD’s share of China’s passenger car exports surged to 38% in the first four months of 2025, up from 23% a year ago, reflecting robust international demand.

Analysts at Citi noted that while BYD’s plug-in hybrid EV exports have accelerated significantly, this trend is not yet fully reflected in market expectations. The company's growing global footprint aligns with its goal of selling at least 50% of its vehicles outside of China by 2030. BYD has already expanded into key international markets including India, Southeast Asia, and several European countries.

Despite rising global trade tensions, BYD remains relatively insulated from U.S. tariffs, as it has yet to enter the American market. The company continues to pose strong competition to Tesla (NASDAQ:TSLA), especially in China, where its combined EV and hybrid sales have outpaced Tesla’s deliveries.

With exports driving momentum and limited exposure to geopolitical trade risks, BYD is well-positioned for sustained global growth in the EV sector.