BYD's UK Sales Jump 80% as Global Deliveries Hit 463,561 and JPMorgan Turns Cautious

BYD's September UK registrations rose 80% to 20,129, taking 5.76% share, while JPMorgan cut the stock to Neutral with an HKD 88 target.

BYD's push beyond its home market is gathering pace. The Chinese electric-vehicle maker reported 20,129 new registrations in the United Kingdom for September, an 80% leap from the same month a year earlier, giving it a 5.76% slice of the British market and second place among all automakers there for the month.

That result fits squarely into management's broader ambition to build the brand outside Asia, where growing delivery capacity needs somewhere to go. Europe sits at the center of those plans, and the company is spending accordingly.

German Retail Network on Track for 300 Sites

In Germany, BYD is targeting up to 300 sales locations by year-end. September registrations there reached 6,052 units, with private buyers accounting for 65% of them. The emphasis on retail customers and a wider dealer footprint is designed to lock in long-term market presence while blunting regulatory uncertainty and rising trade barriers in Western markets.

Production and Deliveries for September

The company built 463,864 new-energy vehicles last month and delivered 463,561, according to figures it flagged as preliminary and unaudited. Battery-electric passenger cars made up the bulk of shipments at 273,143 units, while plug-in hybrids accounted for 183,570. Exports of new-energy vehicles totaled 180,700 for the month.

Global deliveries rose 17% year-on-year, and Reuters calculations put the growth in passenger-car and pickup exports at 153.9%. Yet the year-to-date picture is less flattering: 3,131,576 vehicles sold through the first nine months, a decline of 3.94% from the prior-year period.

JPMorgan Steps Back

The persistent softness of Chinese domestic demand and intensifying competition at home have weighed on the business. JPMorgan responded on September 29 by downgrading the stock from "Overweight" to "Neutral" and cutting its price target to HKD 88 from HKD 124. The U.S. bank cited an expected deterioration in China's auto sector, rising costs, and tariff and non-tariff trade obstacles in international operations.

New Models and a Production Milestone

BYD is broadening its lineup to reignite sales. Deliveries of the Formula S for the Fang Cheng Bao sub-brand began in late September, priced between 189,900 and 229,900 yuan in China. Together with the GT variant, management expects monthly volumes of more than 10,000, potentially reaching 15,000 units. Customer registration has also opened for the Ti 9, with first deliveries of the SUV flagship slated for the fourth quarter.

On the manufacturing side, the ten-millionth vehicle rolled off the line — a Da Han sedan from the Dynasty series.

Legal Action and Board Changes

Trade and security-policy hurdles are compounded by litigation in the United States. On September 25, BYD America LLC and BYD Motors LLC filed suit against the U.S. Department of Defense and Defense Secretary Peter B. Hegseth in the U.S. District Court for the Central District of California.

At the corporate level, an extraordinary shareholders' meeting on September 29 approved amendments to the articles of association and elected new board members, including Cai Hong-ping and Li Yong-zhao as non-executive directors and Li Gang and Xu Tu as independent directors. Shareholders also signed off on director compensation and an asset-pool transaction with external guarantees.

Market Reaction Muted

The stock closed Monday's German session at EUR 8.53, up 1.6% on the day, though it has lost 20% since the start of the year. In today's trading it sits at EUR 8.50, a decline of 0.3%. With the share price below its long-term moving averages, investors appear to be watching the overseas expansion and domestic margin trajectory with restraint.