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Citigroup published a report stating that after raising the target price for BYD to 688 Hong Kong dollars on February 15, they believe that the current pattern of Chinese passenger car exports in the first four months of this year is more favorable for BYD. The bank explained that the astonishing growth in the export of plug-in hybrid electric vehicles (PHEVs) has not yet become market consensus; BYD's market share of pure electric vehicles (BEVs) has increased significantly from 23% in 2024 to 38% in the first four months of this year; the stimulation of the Chinese domestic market in the third quarter; and being in the optimal position for price reductions in 2026. The bank has raised its target price from 688 Hong Kong dollars to 727 Hong Kong dollars.