Why China's BYD Company Stock Popped Today
BYD Company (OTC: BYDDY) stock raced 3% higher through 11 a.m. ET Tuesday after the business passed a significant production milestone -- one that puts it head and shoulders above electric vehicle (EV) archrival Tesla (NASDAQ: TSLA).
As Elecrek reported yesterday, BYD's car factory in Xi'an, China, just passed 1 million vehicles produced year to date in 2024.
Why is this significant? For one thing, BYD -- which surpassed Tesla in terms of quarterly deliveries more than a year ago -- now has the most productive EV factory in all of China. This despite the fact that Tesla's factory in China is the company's largest. BYD's Xi'an factory is already one-third bigger, and it accounts for only one-third of BYD's total production capacity in China.
Source Fool.com
BYD Co. Ltd Stock
The stock is one of the favorites of our community with 27 Buy predictions and 1 Sell predictions.
However, we have a potential of -8.03% for BYD Co. Ltd as the target price of 44 € is below the current price of 47.84 €.
