BYD's delivery volume of electric vehicles in 2026 may reach 5.4 million units.

Analysts at Bernstein wrote in a report that BYD's electric vehicle deliveries this year could reach 5.4 million units. The company delivered 4.6 million vehicles last year, representing an 8% year-on-year increase. These analysts noted that while BYD maintains a dominant position in China, its market share in the country's electric vehicle market has dropped from 30% in early 2025 to 25% in November, primarily due to a relatively lackluster product cycle and strong competition from competitors like Geely, Lixiang Automotive, and Xpeng Motors. They added that this year, BYD is seeking to inject new vitality into its product cycle through significant upgrades to its electric vehicle platform technology. Additionally, overseas sales may become an increasingly important profit driver, with the company's exports expected to reach 1.05 million units by 2025. Bernstein maintains its outperform rating on BYD and keeps its target price at HK$130.00. The stock closed at HK$99.20.