Citi: Up-raised BYD (1211. HK) new energy vehicle sales in the past three years reaffirmed the buy rating

Citi published a research report that due to BYD'1211.HK s backlog of orders in December last year, more than 200,000 units were unintended, while shipments of its major car models beat expectations even in the face of supply chain problems, while the Group's Xi'an plant has resumed production.

The bank expects BYD's January sales and production to continue to record month-on-month improvements, and has raised its new energy vehicle sales forecast from 2022 to 2024 to 1.3 million, 1.75 million and 2 million units respectively, and raised its H-share target price from HK$536 to HK$587, reiterating its "buy" rating.