In Citigroup predicts that BYD Company Limited (01211) will increase its sales of new energy vehicles to 5.75 million units this year and gives it a "buy" rating.

Citi released a research report stating that considering the various forms of substitution subsidy policies in China may affect pricing, it is believed that BYD COMPANY (01211) will adjust its pricing strategy flexibly, giving it a "buy" rating with a target price of HK$688. It is predicted that BYD Company Limited's sales of new energy vehicles will increase to 5.75 million units and 7.03 million units in the next two years. Recently, at the 2025 Shanghai Auto Show, the management of BYD Company Limited stated that the total sales volume and export guidance for 2025 are 5.5 million units and 800,000 units, respectively. The impact of U.S. tariffs on orders from high-growth markets such as South America is expected to be limited, and Plug-in Hybrid Electric Vehicles (PHEVs) are expected to drive growth this year. The proportion of annual exports may increase to 50%, compared to 30% to 40% last year. The management also expects that the net profit per exported vehicle this year will increase year-on-year, compared to around 20,000 to 30,000 RMB in 2024.