BYD

BYD raised its buyback price ceiling last week as the share price rose faster than it could execute the buyback plan.

CITIC Securities was one of a handful of China-based brokerages last year that believed BYD's market capitalization would reach 1 trillion yuan by 2022.

The first Tesla model to use BYD batteries will be the Model Y, with mass supply set to happen as early as next year, according to local media.

Previously, a team of Chinese analysts expected the steady-state monthly sales of BYD Seal to exceed 30,000 units.

A series of catalysts are driving BYD's rally, with its shares up about 50 percent cumulatively since May 10.

Months after BYD decided to increase its stake in Denza, its joint venture with Mercedes-Benz, to 90 percent, the brand is moving ahead at a rapid pace in its new product planning and offline store construction.

"We feel that the electrification process is accelerating much faster than we thought," said BYD Chairman Wang Chuanfu.

BYD previously announced a buyback price cap of RMB 300, but its shares have risen 40 percent in the past month to about RMB 330.

Tesla is a very successful company and BYD respects it and is friends with Elon Musk, a BYD executive said.

BYD's Han DM series sold 11,250 units in May, while Han EV was 12,684 units.