BYD Chases Argentine Lithium While a 622,800-a-Month Sprint Looms at Home

BYD is scouting South America for a foothold in the battery supply chain, even as its core vehicle business faces a demanding stretch run. Argentine Foreign Minister Pablo Quirno said the Chinese automaker is weighing concrete investment options in the country's lithium value chain, with local battery manufacturing capacity and energy storage systems among the areas under review. No financial size, site or timeline has been disclosed.

The move fits a broader push to lock down the building blocks of battery production. Access to critical raw materials is one thing; access to customers is proving another matter entirely.

Executive Vice President Stella Li, cited by Reuters, called geopolitical tensions the single biggest obstacle to BYD's global expansion, and confirmed the company will not sell passenger cars in the United States for now.

September Sales Rise, but the Year Is Behind Schedule

That US retreat has yet to dent headline volumes. BYD delivered 463,561 vehicles worldwide in September 2026, up 17.0 percent year on year, with 456,713 passenger cars and 6,848 commercial vehicles running on alternative drivetrains.

Zoom out, though, and the picture changes. Across January to September the group sold 3,131,576 new-energy vehicles — a decline of 3.94 percent from the same period a year earlier. Hitting its 2026 target of five million units now requires average monthly deliveries of 622,800 over the final three months, a bar that UOB Kay Hian flagged on October 9 when it reiterated its buy rating on the stock.

The uneven split between home and abroad explains the pressure. Chinese domestic demand remains sluggish, according to Reuters, while exports are carrying the load: September shipments overseas reached 180,700 units. Margins on that overseas business could face fresh headwinds as Beijing trims the value-added tax rebate on electric-vehicle exports.

BlackRock Trims, JPMorgan Downgrades

Institutional positioning has shifted alongside the sales mix. Hong Kong exchange data show asset manager BlackRock cut its stake in BYD's H-shares to 6.90 percent from 7.10 percent. JPMorgan, for its part, downgraded the stock roughly two weeks ago.

The shares closed Wednesday at EUR 8.29, down 23 percent since the start of the year. They found firmer ground in today's session, adding 0.6 percent to EUR 8.34, yet remain within 3.8 percent of their 52-week low after months of declines.

October 29 Sets the Next Test

Investors get their clearest read on profitability at the end of the month. BYD's board of directors meets on October 29, 2026, to review and approve unaudited results for the third quarter and the nine months through September. How profitably the company is converting its overseas growth into earnings will be the number that matters.