Citibank has revised upwards its target price for BYD, citing the improved export scenario for Chinese passenger vehicles in the initial four months of 2025, which bodes well for BYD. In a detailed report, analysts led by Jeff Chung highlighted that BYD's market share in the pure electric vehicle segment in export markets has surged notably, from 23% in fiscal year 2024 to 38% in the first four months of 2025. Additionally, while China's plug-in hybrid vehicle exports have witnessed substantial growth, market consensus on this trend remains elusive. Amidst the anticipation of potential price reductions in 2026, BYD is perceived as having the strongest resilience to navigate these changes. Furthermore, BYD's ambitious goal of exporting 800,000 to 1 million vehicles in fiscal year 2025 is progressing seamlessly. Taking these factors into account, Citi has hiked its target prices for BYD's Hong Kong and A-shares to HK$727 and RMB 669, respectively, following an earlier increase in February.