BYD stock has not been performing particularly well in recent months. At the end of the year, the stock suffered a significant decline, but still managed to end the year with a small gain of just under 5 percent on the chart (as of January 2nd, around 10 am).

However, the Chinese automaker has had a strong year with growth. With 526,409 fully electric vehicles sold in the 4th quarter of 2023, BYD has not only set a new sales record, but is also expected to have surpassed Tesla at the top in this category.

BYD with 62 percent increase in sales in 2023 Last year, BYD sold over 3 million cars – including around 1.6 million battery-powered electric vehicles (BEVs) and 1.4 million plug-in hybrids. This is an impressive increase of 62 percent compared to the previous year. In its home market of China, BYD is engaged in a price war with its US rival Tesla, and it also aims to significantly increase its sales in other markets.

In Europe, the manufacturer of so-called New Energy Vehicles (NEVs) has so far had a niche existence. But even here, BYD wants to attack and is building its first factory in the coming years. The contract was awarded to a location in Hungary. The plant is expected to produce up to 200,000 vehicles per year from as early as 2026.

BYD stock: There is still potential Given its strong performance, the BYD stock has struggled to keep up in recent years. For about 3 years now – with some fluctuations – the stock has been trading sideways and is now well below the 30 euro mark. The start of the year 2024 has also not been successful, as the stock has dropped by almost 2 percent on the 1st trading day.

However, on a long-term basis, there is still potential for the BYD stock. With growth prospects in Europe and other markets, BYD has now risen to the top 10 of global automakers, and there is still likely room for growth. Analysts mostly see potential for the BYD stock, with almost all recommending a buy.