BYD's Overseas Shipments More Than Double as JPMorgan Retreats and Beijing Orders a Recall
Published on 10/02/2026 at 18:31 | Editorial boerse-global.de
BYD shares fell 2.3% to EUR 8.40 on Friday, caught in a broad selloff that swept Hong Kong's equity market. The Hang Seng Index shed 2.6% by midday, according to Reuters, as a global bond rout pushed US Treasury yields to multi-decade highs and rising oil prices sapped risk appetite. Bloomberg reported that BYD ranked among the sector's laggards, with the downbeat mood extending across Chinese electric-vehicle makers.
A Cautious Call From Citigroup
Part of the drag came from a Citigroup estimate suggesting September wholesale volumes for new-energy vehicles landed modestly below investor expectations. The projection added to the sector-wide hesitation, compounding pressure from the macro backdrop in Hong Kong following the holiday break.
September Deliveries: A Tale of Two Markets
The pullback came just a day after BYD released fresh sales figures. Vehicle sales climbed 17% year-on-year in September to 463,561 units, with international operations doing the heavy lifting. Reuters calculations put overseas deliveries of passenger cars and pickups up 153.9% from a year earlier.
Yet the home front tells a different story. Sales in China slipped by nearly 13% last month, and that gap between booming exports and a soft domestic market is feeding persistent skepticism. While overseas gains are carving out valuable market share, Chinese consumers remain hesitant — a problem that matters because the domestic business still dominates overall volume, and relentless price competition keeps margins under strain.
Should investors sell immediately? Or is it worth buying BYD?
JPMorgan Steps to the Sidelines
Analysts have taken note of those structural hurdles. On Tuesday, JPMorgan downgraded BYD from Overweight to Neutral and cut its price target to HK$88 from HK$124. The bank cited cooling demand in China's auto sector, rising input costs, political uncertainty, and mounting trade barriers in international markets as reasons for the more guarded stance.
Recall and Regulatory Headwinds
Regulatory matters added another layer of distraction in September. China's market regulator ordered a recall of 183,211 vehicles from the Qin and Tang model lines. The affected cars are from older model years and may develop issues with the brake pedal stopper cap.
Charging Network Hits a Milestone Ahead of Schedule
Even so, BYD continues to push its infrastructure buildout at pace. The company brought its 2,000th fast-charging station on Chinese highways into operation in September, reaching that threshold well ahead of its original target of year-end.
Portfolio Refresh in Japan
Product development is moving forward as well. On Tuesday, BYD Auto Japan announced a model update for the ATTO 3 EX. The vehicle gains an all-wheel-drive variant for the Japanese market, while the rear-wheel-drive version offers a range of 620 kilometers.
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BYD Stock: New Analysis - 2 October
Fresh BYD information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
