Streetbeat News

BYDDF

BYD Co

http://www.byd.com/

Industry

Automobile Manufacturing

Open

35.50

Mkt cap

109B

Volume

111

High

35.50

P/E Ratio

21.59

52-wk high

42.00

Low

35.40

Div yield

0.01

52-wk low

21.80

BYD Co Ltd reported a 33.1% YoY growth in January sales, selling 201,493 new energy vehicles, including 36,174 units overseas. The company, backed by Warren Buffett's Berkshire Hathaway, has shifted entirely to producing new energy vehicles since April 2022. In Q4 2023, BYD surpassed Tesla as the biggest BEV seller. The company expects a net profit increase of at least 74.5% for FY 2023.

Portfolio Pulse from Anan Ashraf

February 02, 2024 | 6:18 am

Chinese EV maker BYD Co Ltd, backed by Warren Buffett's Berkshire Hathaway, forecasts a minimum 74.5% increase in net profit for FY23, attributing the rise to higher sales volumes. BYD surpassed Tesla in Q4 as the largest BEV seller, moving 526,000 units compared to Tesla's 485,000. The company's expected net profit is between 29,000 million yuan and 31,000 million yuan, with a basic EPS of 9.98 to 10.67 yuan, up from 5.71 yuan in FY22.

Portfolio Pulse from Anan Ashraf

January 30, 2024 | 9:54 am

BYD Co Ltd, backed by Warren Buffett, is preparing for intense competition in China's EV market and is open to collaboration with Tesla Inc. BYD has outperformed Tesla in vehicle production in 2023 and expects tough competition to lead to the elimination of weaker brands within two to three years. BYD's GM of Branding and PR, Yunfei Li, praised Tesla and suggested cooperation to grow the EV market. Tesla's CEO Elon Musk confirmed BYD as a supplier. BYD anticipates being profitable amidst competition and has invested heavily in vehicle intelligence and NEV evolution. The company expects a significant profit increase for the last year, while Tesla saw a 15% gross profit decline in 2023. Berkshire Hathaway has reduced its stake in BYD.

Portfolio Pulse from Benzinga Neuro

January 30, 2024 | 5:32 am

Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), during an earnings call, highlighted the competitive edge of Chinese automakers, particularly noting their potential to 'demolish' global rivals if not for trade barriers. Musk acknowledged BYD (OTC:BYDDF) (OTC:BYDDY) as a key battery supplier, along with Panasonic (OTC:PCRFF) (OTC:PCRFY), CATL, and LG (OTC:LGEIY), and plans to increase orders in 2024. Despite Tesla's revenue increase to $25.17 billion in Q4, it fell short of expectations. The rise of Chinese EV makers like BYD, which outsold Tesla in the last quarter, is intensifying competition, prompting Tesla to reduce prices in China and Europe.

Portfolio Pulse from Benzinga Neuro

January 25, 2024 | 3:10 am

Zhao Changjiang, a senior executive at BYD Co Ltd, warned Tesla Inc of challenges in advanced driver-assistance systems and car models for 2024, particularly from BYD's Denza N7 model. Tesla, facing a slowdown in global EV demand, has cut prices in China and seen a significant drop in market valuation. BYD, supported by Warren Buffett, has surpassed Tesla in EV sales in Q4 2023 and is advancing in vehicle intelligence. Berkshire Hathaway has reduced its stake in BYD, selling shares worth $80.7 million.

Portfolio Pulse from Benzinga Neuro

January 24, 2024 | 7:13 am

BYD Co Ltd, supported by Warren Buffett, is entering the luxury EV market with a new lineup including a $150,000 supercar and an SUV capable of 360-degree rotation and floating. BYD has surpassed Tesla in global EV sales, with a focus on the Chinese market where it sells five times more cars than Tesla. The company aims to expand internationally, despite facing a subsidy probe in Europe and limited U.S. access. BYD also collaborated with DJI on a vehicle-mounted drone, aiming to export 400,000 cars this year.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 8:53 am

Alibaba Group Holding Limited (BABA) stock is trading lower, in line with broader indexes like iShares China Large-Cap ETF (FXI) and KraneShares CSI China Internet ETF (KWEB), due to a plunge in Hong Kong stocks to a 15-month low. Investor confidence is shaken by China's economic recovery pace and unchanged key lending rates. Chinese tech companies, the real estate sector, EV sector, and financial firms saw stock value declines. Alibaba co-founder Jack Ma expressed support for rural teachers in China. Alibaba lost its position as China's most valuable company to PDD Holdings Inc (PDD) last year, with Alibaba's stock down 42% and PDD's up 51%.

Portfolio Pulse from Anusuya Lahiri

January 22, 2024 | 1:17 pm

Electric vehicle stocks, including Tesla, Rivian, and Fisker, faced challenges this week with Tesla's price cuts and Elon Musk's demand for more control, Rivian's downgrade by Deutsche Bank, and Fisker's probe into braking issues. Tesla's price adjustments and Musk's comments may affect investor sentiment ahead of earnings, while Rivian's downgrade reflects concerns over future losses and production issues. Fisker is cooperating with a federal probe into braking issues but asserts its systems meet requirements. The KraneShares Electric Vehicles ETF also saw a decline.

Portfolio Pulse from Shanthi Rexaline

January 20, 2024 | 2:04 pm

The U.S. Defense Department will be banned from procuring batteries from Chinese manufacturers, including Warren Buffett-backed BYD Co., as part of the National Defense Authorization Act (NDAA). The ban, starting in October 2027, affects companies like CATL, BYD, and four other Chinese firms but does not apply to commercial purchases, allowing companies like Ford Motor Co. to continue their business dealings with CATL for electric vehicle batteries. The Pentagon has not provided a definition of the rule's scope or commented on the ban, which also follows previous restrictions on Chinese semiconductors.

Portfolio Pulse from Anan Ashraf

January 20, 2024 | 8:55 am

Stellantis CEO Carlos Tavares warned against price reductions that could harm profitability and make car manufacturers vulnerable to acquisitions. He indicated that Stellantis is better shielded from the pricing downtrend than competitors, some of whom are facing difficulties due to price cuts. Tavares's comments come in the context of automakers, including Tesla, reducing vehicle prices, especially for EVs, to stay competitive amidst high interest rates and affordability concerns. Tesla recently slashed prices for its Model Y in China and Europe, facing stiff competition from BYD, which overtook Tesla as the world's largest EV maker last quarter.

Portfolio Pulse from Anan Ashraf

January 20, 2024 | 2:32 am

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