China surpassed Japan as the world's top car exporter; why you want to watch BYD
China exported 4.14 million units last year, thanks to surging BYD EV / NEV demand and sales, in particular from Russia.
Meanwhile Japanese firms shipped 3.98 million vehicles in 2023.
This gap will probably continue to widen as BYD $BYD COMPANY(01211.HK$ is continuing to lead and nudge further out ahead as the world's most bought vehicles (outpacingTesla $Tesla(TSLA.US$).
BYD will launch a number of new high-end luxury models this year to maintain its leading position in the market. BYD announcedthis on Sunday Feb 18 in #Shenzhen.
BYD's CEO and Chairman expects China's single-month NEV penetration to be above 50% this year. For context, China's NEV penetration hit 35% overall in 2023.
It's also worth watching BYD shares, as it's expected to annouce plans for a share repurchase/buy back.
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Moomoo Official Market Strategist
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