BYD's Overseas Engine Delivers 154% September Surge as JPMorgan Steps Back
Published on 10/07/2026 at 11:50 | Editorial boerse-global.de
BYD's export machine is running at full tilt, but the company's home turf tells a very different story. The Chinese automaker moved 463,561 new-energy vehicles worldwide in September, a roughly 17% year-on-year improvement, yet the headline figure masks a widening split between booming overseas demand and a Chinese market that keeps losing momentum.
Passenger car and pickup exports did the heavy lifting, surging 153.9% year-on-year to 179,877 units. Total overseas shipments reached 180,700 vehicles for the month. That overseas strength is increasingly functioning as the group's main pillar, offsetting softer consumption at home.
Nine-Month Tally Still Trails 2025
The broader picture is less flattering. Across the first three quarters of 2026, BYD delivered 3,131,576 vehicles — a 3.94% decline from the same period a year earlier. Reuters attributes the shortfall to persistently weak domestic demand and intensifying competition from rival Geely, which has been chipping away at BYD's position in China.
Against that backdrop, JPMorgan lowered its rating on the stock from "Overweight" to "Neutral" on September 29, cutting its price target from 124 to 88 Hong Kong dollars. The US bank pointed to an expected cooldown in China's auto sector, weak domestic consumption, rising procurement costs, regulatory uncertainty and looming trade barriers facing the company's international expansion.
Should investors sell immediately? Or is it worth buying BYD?
The shares changed hands at EUR 8.47, down 0.4% from the previous session, bringing the year-to-date loss to 21%.
Charging Network Hits Milestone Ahead of Schedule
BYD is not standing still on the home front. On September 24, the company commissioned its 2,000th fast-charging station along Chinese highways at the Baoying service area in Yangzhou, according to media reports — beating its own annual target ahead of time. The group's nationwide charging network now spans 11,586 stations across 341 cities.
Further momentum for the international business could come from the Paris Motor Show, where BYD plans to unveil a new model for a global audience. The event runs from October 12 to 18.
Whether overseas growth can permanently offset the drag from China will shape BYD's trajectory in the quarters ahead, as margin pressure builds even while export volumes climb.
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