BYD's Record Export Haul Fails to Shield the Stock From Hong Kong's Risk-Off Mood
Published on 10/02/2026 at 22:02 | Editorial boerse-global.de
Chinese technology names came under fire across Asian trading floors on Friday, and BYD was no exception. The automaker's shares shed 2.4% to change hands at EUR 8.39, dragged lower by a broader wave of selling in Hong Kong rather than by anything specific to the company. Reuters reported that the Hang Seng Index had surrendered 2.6% by midday, a retreat that curbed investors' appetite for risk and swept the entire automotive sector along with it.
The macro backdrop explains much of the caution. Rising US Treasury yields and climbing crude prices have made investors wary of persistently restrictive interest rates and costlier energy, prompting what market watchers describe as a market-wide correction in the territory. Since the start of the year, BYD's stock has lost 22% of its value.
That headwind arrived just as the company delivered a mixed operating picture. September brought 463,561 deliveries worldwide, a gain of roughly 17% from a year earlier. The engine behind that growth sat almost entirely abroad: exports of passenger cars and pickups surged 153.9% year-on-year to 179,877 units, according to company data cited by Reuters. Overseas demand has become the counterweight to a cooling home market, where consumers have turned cautious and competition among manufacturers remains fierce.
The domestic picture is less flattering. Sales in China fell by nearly 13% in September, and the nine-month tally offers little reassurance — volumes from January through September were down 3.94% compared with the same stretch last year.
Should investors sell immediately? Or is it worth buying BYD?
JPMorgan Steps Back
Analysts have taken note of the widening gap between export momentum and domestic softness. On Tuesday, JPMorgan downgraded the stock from "Overweight" to "Neutral" and cut its price target sharply, from 124 Hong Kong dollars to 88. The bank pointed to structural challenges and a sustained industry slump at home, while also flagging rising procurement costs, political uncertainty and tariffs that could slow Chinese manufacturers' expansion into foreign markets.
The more guarded stance from the research desk coincides with a period of active product and service adjustments by management. On Monday, BYD announced updates to its DOLPHIN SURF line, adding five-seat variants and refreshed infotainment systems.
Recall and Charging Milestone
Regulatory matters also weighed on the company last month. On 18 September, China's market regulator disclosed a recall covering more than 180,000 vehicles from the Qin and Tang model lines — 183,211 units in total, spanning older model years. The affected cars may develop faults in the brake pedal stopper pad, and BYD is replacing the components at no cost to customers.
Running alongside those obligations, the company pressed ahead with its infrastructure buildout. In September it brought its 2,000th fast-charging station along Chinese highways into service, reaching the milestone well ahead of its original target of year-end.
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