BYD's Record September Deliveries Meet a Cautious Wall Street
Published on 10/01/2026 at 17:20 | Editorial boerse-global.de
BYD closed out September with its strongest sales month of the year, moving 463,561 new-energy vehicles worldwide — a 16.98% jump from the same month in 2025. The figure, driven overwhelmingly by demand beyond China's borders, gave the stock a lift in today's session, where it added 2.1% to trade at EUR 8.70.
The headline number conceals a widening split between two very different businesses. Overseas deliveries of alternative-energy models surged 153.59% year on year to 180,700 units, while sales inside China — still the company's largest single market — contracted 12.97%. Passenger vehicles accounted for 456,713 of the total, with battery-electric models making up the bulk of that figure.
That divergence has turned export growth into BYD's primary engine. Intense competition and soft consumer demand at home continue to sap momentum, and the manufacturer is racing to convert foreign buyers before those pressures bite deeper into earnings.
Boardroom Reshuffle Signals a Strategic Pivot
The push abroad coincides with fresh changes at the top. Following an extraordinary general meeting on Tuesday, BYD confirmed several appointments to its supervisory board. Cai Hong-ping and Li Yong-zhao join as non-executive directors, while Li Gang and Xu Tu were named independent non-executive directors for three-year terms.
Should investors sell immediately? Or is it worth buying BYD?
The timing is telling. With the domestic market offering little relief, management has made international distribution the centrepiece of its strategy. Press reports point to an overseas sales target of close to two million vehicles for the current year, rising to 2.5 million by 2027.
A Profit Rebound Built on Overseas Margins
Those foreign deliveries are already doing heavy lifting on the income statement. Stronger sales outside China helped offset weaker domestic demand and pulled the group back onto a growth trajectory in the spring.
Net profit for the second quarter of 2026 climbed 30% year on year to RMB 8.2 billion — the first quarterly earnings increase in more than a year. The broader half-year picture, however, remains bruised. Revenue for the first six months of 2026 fell 7.13% to RMB 344.82 billion, and net profit attributable to shareholders dropped 20.54% over the same period, as price pressure at home weighed on the top line.
Management is betting that higher-margin overseas shipments will close that gap in the quarters ahead. The company has also reaffirmed a multi-brand structure: Dynasty and Ocean cover the volume segment, while Fangchengbao, Denza and Yangwang are positioned for the premium and luxury ends of the market.
JPMorgan Steps Back
Not everyone is convinced the export story can carry the stock. On Tuesday, JPMorgan downgraded BYD from Overweight to Neutral and cut its price target to HKD 88 from HKD 124, citing persistent weakness across China's auto sector and structural obstacles including sluggish domestic demand, cost pressure and trade-policy measures.
The market's mood reflects that caution. The shares are down 20% since the start of the year, and in pre-market trading today the stock sits at EUR 8.53 — 6.2% above its 52-week low.
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