In sizeable financial developments, Chinese electric vehicle giant BYD has successfully raised $5.59 billion through a share sale in Hong Kong, marking the largest in the territory within the last four years. However, this announcement led to a fall in BYD shares. The fundraising was intended for financing EV research. There's an observance of increased short interest in BYD Company Limited's stock.
Despite market fluctuations stemming from trade war concerns, BYD stocks demonstrated robust performance with shares soaring by 21% in anticipation of an autopilot update and later hit a record high with the announcement of autonomous-driving tech. In fact, this surge reportedly adversely impacted Tesla's stock. Boasting increased backing from long-term investors, the company's shares continued to outperform Tesla throughout the year. JP Morgan projected strong growth for BYD, elevating its share price target by 60%.
There're speculation about BYD disrupting the EV market through its partnership with AI technology firm DeepSeek, amid revelation of 21 new self-driving EV models equipped with Nvidia chips. Keen investors are comparing BYD stock to Tesla over the superior return on investment.
BYD Stocks News Analytics from Mon, 07 Oct 2024 07:00:00 GMT to Sat, 08 Mar 2025 06:34:31 GMT - Rating 2 - Innovation 5 - Information 8 - Rumor 6