BYD's Six-Month Sales Streak Meets a Double Brokerage Cut and a BlackRock Trim

BYD confirmed at an investor meeting that it delivered more than 490,000 vehicles in October, with nearly 170,000 of those passenger cars and pick-ups sold outside China — an overseas tally that more than doubled, up 103% year on year. Total vehicle sales rose 11% last month, according to Reuters, stretching the carmaker's run of sequential gains to six months.

The export engine has become the company's main shock absorber. Reuters reported that overseas business helped offset soft demand at home and a bruising price war in the world's largest auto market.

Third-Quarter Profit Lands Below the Street

The top-line momentum did not carry through to the bottom line. BYD's net profit for the third quarter of 2026 climbed 28% to 10 billion yuan, short of the 11.4 billion to 12.95 billion yuan range that analysts polled by Reuters had projected. Revenue advanced 13.6% year on year to 221.5 billion yuan — a figure the company later specified as RMB221.5 billion, alongside a net profit of RMB10.02 billion. Shares slipped on 30 October in the wake of the release.

Two brokers responded by marking down their price targets. Macquarie's Eugene Hsiao trimmed his to HK$97 from HK$107 on 30 October while keeping an "Outperform" rating. CLSA followed a day later, cutting its target to HK$100 from HK$109 and maintaining a buy recommendation. The CLSA team expects profit per exported vehicle to fall 20–30% next year.

BlackRock's Stake Slips Below 7%

On the shareholder register, BlackRock reduced its reported long position in BYD from 7.17% to 6.95%. The disclosure, published on 4 November, covered an off-exchange transfer dated 3 November involving 8.12 million BYD shares, carried out with the inclusion of non-cash assets. BYD stock fell 3.7% in the prior session.

The domestic picture remains the sore spot. China's retail sales of passenger cars with alternative powertrains dropped 13.7% year on year in October to 1.11 million units, according to the China Passenger Car Association — even as their share of the country's passenger-car market hit a record 67.5%.

For the first ten months of the year, BYD reported roughly 3.62 million vehicles sold, a decline of 2.16% from the same period a year earlier.