Citigroup raises BYD's target price, favorable for the company as the export pattern for passenger vehicles improves.

Citigroup has once again raised its target price for BYD, stating that the export landscape of Chinese passenger cars in the first four months of this year further benefits BYD. Analysts including Jeff Chung mentioned in the report that BYD's market share in the pure electric vehicle export market has significantly increased from 23% in the 2024 fiscal year to 38% in the first four months of 2025. BYD's goal of exporting 800,000 to 1 million vehicles in the 2025 fiscal year is progressing smoothly. Citigroup has raised the target price for BYD's Hong Kong and A-shares to HKD 727 and RMB 669 respectively, after previously raising the target price in February.