Watch! Citi predicts that BYD's new energy vehicle sales will reach 1.3 million units this year

Recently, BYD announced its sales results for the whole year of 2021, with sales of 730,000 units and sales of new energy vehicles reaching 593,700 units, an increase of 231.6% year-on-year. Such eye-catching sales results also give the industry new expectations for BYD's future performance.

After BYD announced its 2021 results, Citi raised BYD's sales forecast for new energy vehicles from 2022 to 2024 to 1.3 million, 1.75 million and 2 million units, respectively, while also adjusting the target prices of BYD A shares and Hong Kong stocks to 504 yuan and 587 Hong Kong dollars.

Citi said that because of BYD's strong backlog of orders in December and the resumption of production at the Xi'an plant, BYD's sales and production on the effective working day in January are expected to continue to increase. At the same time, analyst Jeff Chung pointed out that BYD's cumulative undelivered passenger car number in 2021 exceeded 200,000 units, while key models such as BYD Han will still exceed market expectations in the face of supply constraints in December.

Among all the models sold by BYD, the proportion of new energy vehicles is getting higher and higher. BYD sold a total of 593,700 new energy vehicles in 2021, which broke the previous record of New Energy Vehicle Sales in China and was 2.4 times the previous record.