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On March 6, JPMorgan unveiled a research report highlighting that BYD (01211.HK) has recently rolled out its second-generation Blade Battery and unveiled plans to expand its fast-charging infrastructure. Concurrently, BYD's diverse brand portfolio has introduced a total of 10 new models, encompassing both pure electric and plug-in hybrid variants, with customer deliveries slated to commence in April or May. JPMorgan projects that BYD's sales will experience a notable upswing, increasing from around 700,000 units in the first quarter of this year to a range of 1.1 million to 1.2 million units in the second quarter. The bank anticipates that investors' attention will next shift towards gauging changes in dealership foot traffic around the upcoming Beijing Auto Show on April 24. JPMorgan upholds its target price for BYD at HK$110 and reaffirms its 'Overweight' rating.
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