BYD Co Ltd Class A

Kaizhong Shares released its 2026 half-year report on August 26. First-half operating revenue was 387 million yuan, up 10.9% year on year, but net profit attributable to the parent was 30.59 million yuan, down 19.04% year on year. Net profit attributable to the parent after deducting non-recurring items was 21.22 million yuan, down 30% year on year. Net operating cash flow was 15.67 million yuan, down 80.2% year on year. Earnings per share were 0.11 yuan. Second-quarter revenue was 223 million yuan, up 17.4% year on year, and net profit attributable to the parent was 21.07 million yuan, down 16.6% year on year. The company said the overall trend in the automotive industry had a significant impact on its main business, and passenger car market sales data declined somewhat. However, the polyurethane damping component business won new projects from mainstream automakers such as BYD and Leapmotor, the lightweight pedal business made progress in electronic accelerator pedals, and the company successfully developed polyurethane products suitable for new energy vehicles and energy storage systems, which are expected to become a new growth driver.

MarketsandMarkets projects the EV charging station market will grow from USD 38.55 billion in 2026 to USD 120.85 billion by 2033 at a CAGR of 17.7%. The expansion is driven by OEM-led investments from Tesla, Rivian, and Hyundai, along with public and private capital from players such as ChargePoint and BP Pulse. Advancements in ultra-fast DC charging of 150 to 350 kilowatts are aligning with OEM migration toward 800-volt and 1,000-volt vehicle platforms. Asia Pacific is expected to be the largest region in 2026, with China projected to hold the largest share globally. Key players include ABB, BYD, ChargePoint, Tesla, and Siemens.

The 29th Chengdu International Automobile Exhibition was held from August 21 to 30 at the Western China International Expo City, reflecting the domestic auto industry's departure from years of price-driven involution and its full entry into a new cycle dominated by value competition, with technology popularization and scenario-based segmentation advancing in parallel. Leading independent brands such as BYD, Chery, and Great Wall Motor exhibited with full-brand, full-category product matrices occupying entire halls, while mainstream joint-venture brands including Lexus, Infiniti, Dongfeng Nissan, Yueda Kia, and Dongfeng Honda were collectively absent, and ultra-luxury brands like Rolls-Royce and Bentley also did not appear. Data from the China Passenger Car Association shows that in July 2026, the domestic retail penetration rate of new energy passenger vehicles climbed to 65.1 percent, breaking through the 60 percent threshold on a stable basis for the first time. At this year's show, core technologies previously reserved for million-yuan-level high-end models, such as 800-volt high-voltage fast charging, lidar-based intelligent driving, full-domain chassis control, and silicon carbide oil-cooled electric drive systems, were comprehensively extended to mainstream family models in the 200,000-yuan and 150,000-yuan classes. The new Lynk & Co 20 comes standard with an 800-volt high-voltage platform, 6C ultra-fast charging, a lidar intelligent driving system, and a new-generation 16-in-1 silicon carbide oil-cooled electric drive. Geely Auto launched the Xingrui L Plus and the Boyue L i-HEV lidar version, and SAIC Roewe's Jiayue 07 made its first public appearance. IM Motors officially released its new product strategy, NEXT 2028, built on three core proprietary technology pillars: the NEO three-electric architecture, an aviation-grade safety full-by-wire chassis, and the IM Claw intelligent agent. BYD's second-generation blade battery and full-domain God's Eye intelligent driving system achieved deployment in high-difficulty scenarios such as narrow-space parking and customized parking. Joint-venture brands showed insufficient new product momentum and a slowing transformation pace. The Freelander brand, jointly created by Chery and Jaguar Land Rover, made its debut, and a small number of joint-venture new products such as the Buick GL8 Lushang and SAIC Volkswagen's all-new ID.ERA appeared, but their overall presence and product strength struggled to compete with the intensive technology and product iterations of independent brands.

Susco reported second quarter 2569 net profit of 120.60 million baht, up 797% from 13.44 million baht in the same period last year, with total revenue of 9.218 billion baht. Growth was driven by higher oil selling prices and marketing margins, service income from the electric vehicle distribution business, foreign exchange gains, and profit from associates. For the first six months of 2569, the company posted total revenue of 16.284 billion baht and net profit of 213.06 million baht, up 104% from the same period last year. The company is expanding its service station network and growing non-oil businesses, while developing SUSCO SQUARE to build growth from diversified revenue streams. The BYD and DENZA electric vehicle distribution business continues to show a positive trend, reflected in winning the BYD Dealer of the Year Award 2025 at the Kunlun level and the Aftersales Excellence Award.

The global light commercial vehicles market is projected to grow from $495.44 billion in 2025 to $707.17 billion by 2031, a 6.11% compound annual growth rate, according to a new report from Mordor Intelligence. The market is expected to reach $525.71 billion in 2026. Growth is driven by rising e-commerce demand for last-mile delivery, fleet replacement cycles, and tightening emission standards that push operators toward electric vans. Asia Pacific remains a key growth region, with China and India strengthening their commercial EV ecosystems, while Europe accelerates electrification through zero-emission zones and stricter carbon rules. The report also notes growing competition from Chinese manufacturers such as BYD reshaping the global market.

BYD reported unaudited July 2026 figures showing higher monthly production and sales volumes compared with a year earlier, alongside lower year to date totals versus 2025. For July 2026, total production was 420,249 units compared with 317,892 units in July 2025, while monthly sales reached 419,211 units versus 344,296 units a year ago. Year to date production to the end of July 2026 was 2,234,379 units compared with 2,454,925 units a year earlier, and year to date sales stood at 2,227,722 units versus 2,490,250 units over the same 2025 period. The update comes as BYD trades around HK$89.60 as of 11 August 2026, with a 30 day share price return of 6.73% contrasted with a year to date share price decline of 9.27% and a 3 year total shareholder return of 20.32%.

BYD Co. has set a target to surpass Toyota as the world’s largest automaker by global sales within five years, according to Chairman Wang Chuanfu at the company’s annual shareholder meeting. BYD sold 4.8 million vehicles globally last year, compared to Toyota’s 11.3 million, meaning it would need to more than double its deliveries to claim the top spot. The Chinese automaker, which already overtook Tesla in full-electric vehicle deliveries and Ford in total new-energy vehicle sales, plans to achieve this growth without entering the U.S. market, instead relying on expansion in Europe, Latin America, Southeast Asia, and Australia. Executive Vice President Stella Li stated that organic growth alone can reach the target, while the company’s vertical integration and rapid vehicle development capabilities support its international push.

Chinese automakers are accelerating their push into the Japanese market with electric vehicles. Facing slowing growth at home and tariff barriers in the West, they aim to crack the market by leveraging Japan’s unique kei EV standards. BYD has unveiled the RACCO, a kei EV designed specifically for Japan, and appointed the former developer of the Nissan Sakura to lead the effort, packing it with family-friendly features like automatic sliding doors and heated cup holders. BYD’s global sales in 2025 are around 4.6 million units, making it the top EV seller, but its domestic sales in China have been falling year on year, hit by shrinking incentives for new energy vehicles. With the United States imposing a 100 percent tariff on Chinese-made EVs and the European Union also raising duties, Japan, which has no such tariff measures, presents a lower barrier to entry. BYD is rushing to build a sales network through partnerships with major import car dealers. Chery Automobile is co-developing a kei EV with Autobacs Seven and plans to launch it next year, while premium EV brand Zeekr has announced it will introduce an electric minivan. Hiroyuki Shimizu of AlixPartners describes the Japanese market as low risk, low return, while Wu Mingxian of TNC Research and Consulting points to challenges such as Japanese consumers’ willingness to buy Chinese cars given their demand for high quality, and the need to expand sales and service networks in rural areas.

SJWD forecasts net profit for 2026 to be more than 1.2 billion baht, with a long-term target of 3 billion baht by 2030. The company expects second-quarter 2026 profit to improve from the first quarter, driven by the automotive business benefiting from EV transport, especially for BYD, the cold storage business with high occupancy near 80%, and continued growth in overseas operations. The second half of the year is likely to outperform the first half due to seasonal factors and revenue recognition from new projects. The company is reducing financial costs by using cash flow to repay debentures and increasing the proportion of lower-interest bank loans, alongside a Digital Infrastructure Blueprint project that helps lower selling and administrative expenses. The cold storage business maintains a high gross margin of nearly 39%, while the freight business benefits from recovering freight rates and a focus on high-yield work. Although the Middle East conflict causes volatility in oil costs and freight rates, SJWD can pass costs on to customers, so margins are not significantly impacted. The company also gains from rising demand for warehouse space, higher freight business revenue, and growth in EV logistics, including the use of electric trucks to reduce long-term costs. SJWD aims to increase the share of profit from overseas to 40% within two to three years, from nearly 20% currently, through expanding cold storage warehouses in Malaysia and ASEAN. Meanwhile, it expects to close one to two merger and acquisition deals in the third to fourth quarter of 2026 to support inorganic growth and the net profit target of 3 billion baht by 2030. Additionally, SJWD benefits from megatrends in the EV supply chain and data centers, providing logistics services to over 16 car brands, as well as warehouse and logistics for the AI and data center industries. Supply chain uncertainty also leads customers to increase inventory, boosting warehouse utilization rates, while the freight business gains from higher freight rates, supporting revenue and margins. On the technical side, price levels and candlesticks are oscillating or rising in line with the 5-day and 13-day moving averages, which act as significant uptrend support lines. Support is at 9.80 baht, with key support at 9.45 baht; as long as it does not fall below, the uptrend remains intact. Resistance is at the previous high test point of 10.50 to 10.80 baht; a breakout should be accompanied by increased trading volume.

Tesla posted record deliveries of 480,126 vehicles in its latest quarter, but operating income collapsed 56.88% to $398 million and free cash flow turned negative $1.09 billion. Revenue rose 25.52% year over year to $28.24 billion, while earnings per share of $0.33 missed consensus by 38.51%. Tesla shares are down 30.8% year to date, compared with a 2.04% decline for BYD, which continues to lead global electrified vehicle sales from its Shenzhen base. Elon Musk is betting over $25 billion in capital expenditures on scaling Robotaxi and Optimus before Tesla's 1.4% operating margin deteriorates further, while BYD focuses on vertical battery integration and plug-in hybrid volume growth.

Major Chinese companies are accelerating the relocation of downstream production bases to the ASEAN region to avoid tariff walls from the trade war, following the China Plus One strategy. A key case study is Luxshare Precision, an Apple component assembler, which has built twin factories in Vietnam and Malaysia to maintain its tier-one supplier status. Another is BYD, which has set up an electric vehicle assembly plant in Thailand's Rayong province to serve as an export hub to Australia and ASEAN, leveraging tariff privileges from free trade agreements. This relocation is seen as the largest production base shift cycle in 30 years, which will directly benefit Thailand's industrial estate, logistics, and utilities businesses.

BYD has launched its first flex-fuel plug-in hybrid vehicle produced in Brazil, under a two-year investment project worth 100 million Brazilian reais. The Song Pro Super-Hibrido Flex Fuel supports electric power, gasoline, and ethanol, and will go on sale across Brazil starting August 5. The GL trim offers a pure electric range of 60 kilometers, while the GS trim reaches up to 120 kilometers. The vehicle is manufactured at the Camaçari plant, which began operations in October 2025 and is undergoing a 5.5 billion Brazilian reais investment to become a major production hub. This year, the plant is expected to have an annual production capacity of 180,000 units, supporting a sales target of 200,000 vehicles in Brazil for 2026, with a goal to increase the local parts content to over 50 percent by January 2027. In July, BYD achieved its highest monthly sales in Brazil at 23,465 units, more than doubling year-on-year, and became the fourth-largest automaker with a 9.1 percent market share.

BYD reported that July 2026 new energy vehicle sales and production rose for a third consecutive month. July production reached 420,249 units and sales hit 419,211 units, both above prior-year levels, signaling improving operational momentum after a weaker start to 2026. However, cumulative year-to-date production of 2,234,379 units and sales of 2,227,722 units remain below 2025 comparatives. The company also confirmed a final cash dividend of CNY 3.58 per 10 A shares, suggesting management comfort in returning cash despite compressed profit margins of 3.5% compared with 5.4% last year.

Chinese auto giant BYD's Japanese subsidiary has launched the mini electric vehicle "RACCO," intensifying competition in the mini EV segment. Going forward, EMT, a joint venture funded by five Japanese and Chinese companies including Chery Automobile, as well as Suzuki, plan to enter the market, bringing the total number of mini EV models to four including the Racco. In fiscal 2025, even the top-selling Nissan Sakura recorded only around 10,000 units, far below the roughly 200,000 units of Honda's N-BOX, the leader among gasoline-powered mini vehicles. BYD aims to sell 10,000 units annually, but all mini EV models are priced above 2 million yen, higher than gasoline vehicles. The national government provides subsidies of up to 580,000 yen, and when combined with local government subsidies, in some cases such as in Tokyo, the vehicles can be purchased for under 1 million yen. Hikaru Todoroki, principal at KPMG Consulting, predicts that because mini vehicle users prioritize price, fierce price competition will ensue after the subsidies end. A source at a domestic manufacturer also points out the need to compete on performance and price against the entire mini vehicle segment.

Global electric vehicle sales jumped 35% in the second quarter compared to the first quarter, according to the International Energy Agency, even as overall global car sales fell 5% year-over-year in the first half. The IEA raised its full-year forecast for EVs to 29% of all global vehicle sales, up from a prior 28% estimate, despite weaker demand in the United States and slower-than-expected growth in China. Five countries—Australia, Brazil, India, Korea, and Vietnam—saw EV sales more than double year-over-year in the second quarter. In Australia, Tesla and BYD are the top two players, while BYD dominates in Brazil where Tesla does not operate; India’s market is led by local player Tata Motors, South Korea’s top EV is the Tesla Model Y, and Vietnam’s leader is VinFast Auto. The surge in demand for battery-powered and plug-in hybrid vehicles coincided with rising gas prices in many markets due to heightened military action in the Middle East.

Chinese electric vehicle maker NIO announced a more than 70% year-over-year increase in vehicle deliveries for July 2026, reaching 35,934 units. The total included 20,008 units from its NIO brand and 10,155 units from the ONVO brand. For the first seven months of the year, NIO's cumulative deliveries rose about 68% to 227,057 vehicles. Among peers, XPeng recorded 38,027 deliveries, a 4% year-over-year gain, while Li Auto posted 30,468 deliveries, roughly flat compared to a year ago. BYD reported 419,211 vehicles sold in July, a 22% year-over-year increase driven by overseas demand, marking its third consecutive month of year-over-year gains.

Tesla is reportedly considering selling or shutting down its Chinese business to facilitate a potential merger with SpaceX. Advisers have discussed selling, spinning off, or closing the Shanghai plant, and some executives have been told to prepare for a possible separation of the business, according to The Wall Street Journal. Elon Musk dismissed the report as fake news. The Shanghai gigafactory, Tesla's largest car factory, has faced declining sales amid fierce local competition and a price war. A merger with SpaceX, a major US defense contractor, would be complicated by Tesla's significant presence in China, and the company is also preparing for a potential conflict with Taiwan, aiming to be ready for a split by 2027.

Ford Motor CEO Jim Farley said at an employee town hall meeting that the company is preparing for the possibility of Chinese automakers entering the US market within the next five to ten years. Farley has been sounding the alarm about the strong competitiveness of Chinese manufacturers such as BYD, and Ford is moving ahead with preparations to launch a new low-cost EV series to achieve cost competitiveness and efficiency on par with its Chinese rivals. During a Q&A session, executives indicated that a US market entry by Chinese automakers is more likely to occur in the latter half of the five-to-ten-year window. The United States currently imposes roughly 100 percent additional tariffs on Chinese-made EVs, and has introduced rules that effectively ban the sale of vehicles with Chinese-made software starting from the 2027 model year and vehicles with Chinese-made hardware starting from the 2030 model year.

BYD is preparing to unveil its first humanoid robot in August, expanding its rivalry with Tesla beyond electric vehicles and into embodied AI. The company plans to introduce the robot at its Di Space experience centers, beginning with a presentation in Zhengzhou, and reportedly said the robots will be more than just a concept product and will be able to interact with visitors. Executive Vice President Stella Li identified retail as the first target market, envisioning two or three robots in every store to explain vehicle features, demonstrate products, and assist sales staff. BYD established a dedicated humanoid-robotics laboratory in late 2024 and has tested machines from Chinese developers including Unitree and UBTech. The move places BYD against Tesla's Optimus program and Chinese rivals including XPeng, while U.S. restrictions on imports of new Chinese humanoid robots could limit BYD's access to a major overseas market.

The head of the UK's Society of Motor Manufacturers and Traders, Mike Hawes, said the rush of Chinese manufacturers entering the British market is forcing existing players to offer steep discounts. Chinese-branded vehicles now account for around 15 percent of all new car registrations in the UK, with brands like MG and BYD gaining share. Intensifying competition is one factor behind the contraction of UK car production, with output in the first half of 2026 falling 7.5 percent year on year. While the EU has imposed tariffs on Chinese-made electric vehicles, the UK has not taken similar steps, and Hawes added that no complaints have been lodged by British manufacturers.

BYD has confirmed its 2025 final cash dividend plan for A shares and announced a new leasing partnership in Australia. The company will pay a cash dividend of CNY 3.58 per 10 A shares, with a record date of 30 July 2026, an ex-date of 31 July 2026, and payment on the same day. Separately, a partnership with Smart in Australia aims to integrate novated leasing into the dealership experience, allowing eligible employees to consider BYD or DENZA vehicles with potential tax savings and structured affordability support. BYD shares recently traded at HK$89.8, with a 30-day return of 23.61% contrasting with a one-year total shareholder return decline of 29.67%.

BYD has launched its first purpose-built electric mini car for Japan, entering the country's highly competitive kei vehicle market. The new Racco is priced at less than 2 million yen after subsidies and offers a driving range of at least 210 kilometres. BYD aims to secure 10,000 orders by the end of 2026, a significant target in a market where foreign automakers have historically struggled to gain market share. Kei cars, which benefit from tax and insurance incentives because of their compact size, accounted for roughly one-third of Japan's new vehicle sales last year. The segment has long been dominated by domestic manufacturers including Nissan, Suzuki, Honda and Daihatsu.

China's BYD is set to introduce a kei-car-sized electric vehicle for the Japanese market, with the effective price after subsidies expected to be in the 1 million yen range. In response to this news, the Yahoo! News comment section saw opinions that subsidies should be limited to domestic cars, remarks pointing out inconsistencies in the official specifications, and posts from used car dealers expressing concerns about weak body rigidity.

BYD Australia and Smart have announced a strategic partnership to make electric vehicle ownership more accessible and affordable for Australians. Smart, Australia's largest salary packaging and novated leasing provider, will integrate its services into the BYD and DENZA dealership experience, giving customers access to potential tax savings under the government's electric car discount. The partnership provides a direct pathway for more than 2.5 million Australians employed by Smart's clients across government, healthcare, education, corporate and not-for-profit sectors to consider a BYD or DENZA new energy vehicle through a novated lease. BYD Australia's year-to-date sales reached 52,335 vehicles by the end of June 2026, more than double the same period last year, while battery electric vehicles accounted for 23 per cent of the new vehicle market that month. Smart supports over 580,000 salary packaging customers and manages more than 120,000 novated lease and fleet vehicles.

BYD has set an ambitious goal to overtake Toyota as the world's largest automaker within five years, after surpassing Ford Motor Company for sixth place in total global units sold last year, including sales of its plug-in hybrid EVs. BYD sold approximately 4.6 million vehicles globally in 2024, compared to Ford's roughly 4.4 million, while Toyota led with 11.3 million. Toyota Vice Chairman Koji Sato warned that Japanese automakers must adopt cost-saving measures like component standardization to survive, a strategy Chinese rivals have used to undercut competitors on price without sacrificing advanced EV technology. BYD plans to drive growth through exports to Europe, Southeast Asia, Australia, and Latin America, while also expanding its luxury brand lineup with Denza, Fangchengbao, and Yangwang. The company will continue to leverage its vertically integrated supply chain and roll out new technologies such as its second-generation Blade Battery and five-minute fast-charging.

Tesla's per-vehicle profitability declined again in the second quarter, with average revenue per car dropping by $2,613 from the prior quarter while production costs rose by more than $6,000 per unit. The company reported earnings of $0.33 per share on revenue of $28.2 billion, missing analyst estimates of $0.50 per share on $26.3 billion in revenue. Total deliveries rebounded to 480,126 units, but pricing pressure intensified as Chinese rival BYD delivered 557,090 battery-electric vehicles in the same period, many of them entering the European market where Tesla had previously dominated. The results raise concerns that Tesla's core electric vehicle business may struggle to support its growing investments in robotaxis, humanoid robotics, and energy storage.

Chinese automakers BYD, Chery, and Leapmotor posted triple-digit registration gains in the European Union during the first half of 2026, as battery-electric vehicle registrations across the bloc jumped 40.5% year-on-year to 1.22 million units and claimed a 20.7% market share. BYD registrations surged 168.2% to 130,743 units, Chery jumped 268.7% to 84,987 units, and Leapmotor posted a more than fivefold increase of 526.7% to 48,261 units, while SAIC Motor rose 19.1% to 127,585 units. Tesla also strengthened its position with a 75.4% rise to 124,242 units. In contrast, legacy automakers lost ground, with Ford registrations falling 20.2% to 132,780 units, Nissan down 5.3% to 106,833 units, and Renault Group declining 4.2% to 620,250 units. Overall EU new car registrations rose 5.7% year-on-year, while the combined share of petrol and diesel vehicles fell to 29.7% from 37.8% a year earlier.

The 2026 Fortune China 500 list has been unveiled. The 36 companies in the vehicles and parts sector reported combined revenue of 940.21 billion US dollars for 2025, up 2.95 percent year on year, with total net profit of 29.15 billion US dollars, a jump of nearly 40 percent. BYD led the auto industry with revenue of 111.85 billion US dollars, ranking 26th overall, up one spot from 2025, and was the only automaker in the sector to surpass 100 billion US dollars in revenue. SAIC Motor ranked second in the industry with revenue of 91.3 billion US dollars, placing 36th overall, while net profit surged 507.1 percent to 1.41 billion US dollars. Geely Group came third with revenue of 87.87 billion US dollars, ranking 39th overall, but net profit fell 207.4 percent year on year to a loss of 897 million US dollars. Xiaomi ranked fifth among auto companies with revenue of 63.62 billion US dollars, placing 58th overall, and its smart electric vehicle business revenue exceeded 100 billion yuan for the first time. Leapmotor jumped 151 spots to 272nd place, making it one of the biggest risers among auto companies.

China's BYD delivered 557,090 battery-electric vehicles in the second quarter of 2026, topping Tesla's 480,126 and reclaiming the global BEV sales crown it briefly lost in the first quarter. BYD's overseas shipments hit a record 175,349 units in June alone, up nearly 95% year over year, with European demand remaining strong after last year's 270% surge in that market. The availability of more affordable options appears to be eroding Tesla's pricing power, as recent price cuts have not been matched by equivalent production cost reductions. Tesla's stock has made no net progress since early last year, shortly after BYD first overtook its deliveries, suggesting investors are no longer giving the company the benefit of the doubt. Tesla's second-quarter earnings report is scheduled for July 22 and is expected to shed light on profit-margin pressures.

China's auto market is facing a severe downturn, with first-half 2026 passenger vehicle sales dropping 20.2 percent. The China Passenger Car Association has slashed its full-year sales forecast to a 14 percent contraction, down to 20.4 million units from the record 23.7 million units in 2025. Meanwhile, analysts at Citic CLSA expect full-year sales could shrink as much as 20 percent, with new energy vehicle sales falling 5 to 6 percent. Key pressures include higher oil prices, reduced government subsidies for new energy vehicles, and rising raw material costs, squeezing the industry's profit margin to just 3.4 percent in the first five months, with profits down 20 percent year-on-year. Analysts predict fierce competition will accelerate consolidation, leaving only 7 to 8 major players in China's electric vehicle market by 2030. Likely survivors include BYD, Geely, Leapmotor, Volkswagen, and Toyota. Exports remain a key support, with June passenger vehicle exports surging 82.3 percent year-on-year to 877,000 units.