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BofAS Calls to Buy BYD on EV Sales Outlook, Benefits from LFP Battery Applications

AAStocks ·  Nov 4, 2021 06:45

BYD COMPANY (01211.HK)'s sales volume of passenger vehicle (PV) and commercial vehicle (CV) in October amounted to nearly 90,000 units, up 88% YoY and 12% MoM, reported BofA Securities. The company's sales volume for the first ten months of this year grew 71% YoY to 543,000 units, accounting for 82% of BofA Securities' full-year sales volume estimate. The sales of BYD's battery electric vehicle (BEV), in particular, leaped 176% YoY in October, to 41,000 units.

BofA Securities kept the Buy rating for BYD COMPANY, with a target price of $405, remaining optimistic on the growth outlook of BYD's EV sales and prospects for profit margin improvement on better product mix and wider LFP battery applications.

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