- BYD shares surged Monday, boosted by reports that its Brazil plant secured orders for 100,000 vehicles from Argentina and Mexico.
- The automaker is targeting 1.3 million overseas vehicle sales in 2026.
BYD shares surged on Monday, with investor sentiment boosted by rumors that its Brazil plant received orders for 100,000 vehicles from Argentina and Mexico.
The Chinese new energy vehicle (NEV) leader's Hong Kong-listed stock jumped 7.8% today, marking its biggest single-day gain in 13 months.
It was the top performer on the Hang Seng Tech Index, followed by Xiaomi, which rose 5.64%, and Nio Inc, which climbed 5%.
Singapore's Lianhe Zaobao reported the 100,000-unit order on March 14, citing a Reuters report that quoted BYD executive vice president Stella Li. However, CnEVPost was unable to locate the original Reuters report.
Argentina and Mexico each ordered 50,000 vehicles, she said, according to Lianhe Zaobao.
The Brazil plant, which currently has an annual production capacity of 150,000 vehicles, will be gradually expanded in phases to 600,000 units, Li said.
Overseas sales are playing an increasingly important role for the Shenzhen-based automaker, which has been losing ground in its home market as local competition intensifies.
BYD's overall NEV sales for the first two months of the year fell 36% to 400,241 units. However, exports have gained momentum, and the company now aims to sell 1.3 million cars abroad in 2026.
Li also noted that BYD will spend 300 million reais ($58.2 million) to build a research center in Rio de Janeiro. Construction is expected to begin this year and be completed in 2028.
The stronger price action among Chinese EV stocks is also being driven by expectations of higher adoption rates amid rising oil prices.
Nio's performance extends a rally that began after it reported its first-ever quarterly profit last week, with the stock now trading at a four-month high.
Earlier today, Xiaomi announced that it will officially launch its next-generation SU7 electric sedan on Thursday, March 19. The highly anticipated launch event is scheduled to begin at 7:00 pm Beijing time.
($1 = 5.3237 reais)
