Barclays reiterates Overweight rating on BYD, keeps $22 price target, implying >60% upside from current price.
BYD sold 1.05 million vehicles outside China in 2025, a 145% YoY rise, with overseas sales forecast at 1.5 million units in 2026.
BYD overtook Tesla as Europe’s top‑selling EV brand in early 2026 and outperformed it in Australia, Thailand, Turkey and Brazil.
New manufacturing plant in Hungary slated for mid‑2026, while existing facilities in Brazil, Thailand and Indonesia boost localization and margins.