BYD Stock: Soars 42% Amid Global Expansion Success

BYD, the Chinese electric vehicle manufacturer, has seen remarkable progress in 2024, with its stock surging approximately 42% since the beginning of the year. This impressive growth reflects the increasing demand for electric vehicles and BYD's successful expansion into international markets. In 2023, the company boosted its sales to over three million vehicles, representing a 61.9% increase compared to the previous year. Despite industry-wide pricing pressures, BYD has maintained stable prices while benefiting from above-average gross margins on newer models.

Technical Breakthrough Fuels Investor Enthusiasm

The stock's positive momentum was further amplified on October 18, 2024, when it broke through the crucial 20-day moving average, climbing to €33.85. This technical breakthrough triggered a rally that continued into the following trading day, with enthusiastic investors driving the price even higher. BYD's stock has demonstrated impressive performance, posting a 6.04% gain over the past month and a substantial 14.01% increase year-to-date. These figures underscore investors' continued confidence in BYD's future prospects within the rapidly growing electric mobility market.