BYD Company (BYDDF) has secured a new partnership with auto parts supplier Forvia (FURCF) as it moves forward with its second European factory deal. The leading Chinese EV producer is working hard to expand its global reach. In July 2024, it announced plans to invest $1 billion in building a new plant in Turkey. Shares are rising today on news that it has found a key partner for this venture.
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What’s Going On with BYD Stock?
BYD stock is off to a good start this week following this new factory news. As of this writing, it is up 1% for the day after a slight bump in pre-market trading. Even after losing some momentum last week, BYD remains solidly in the green for the past three months, with overall gains of almost 19%.
Forvia announced this partnership today as part of its third-quarter sales report, stating, “After having awarded FORVIA/BYD Joint Venture for the launch of its first European location in Hungary, the car manufacturer has chosen FORVIA/BYD JV as supplier for its next-to-open plant in Turkey.”
This isn’t the first time that these two companies have worked together. In July 2024, BYD and Forvia opened a new EV seat assembly plant in Rayong, Thailand. Now their new partnership puts BYD in a key position to continue expanding into international markets, assuming that it faces no complications launching the new Turkey EV plant.
Is BYD Stock a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BYDDF stock based on nine Buys, one Hold, and zero sells assigned in the past three months, as indicated by the graphic below. After a 20% rally in its share price over the past year, the average BYDDF price target of $41.14 per share represents a 10.81% change from current levels.
See more BYDDF analyst ratings
As TipRanks contributor Kirti Tak recently reported, BYD currently leads the Chinese NEV market with a 34% market share. However, the company is clearly focused on procuring an even greater share of the international EV market. Partnering with companies Forvia is an excellent way to meet this goal and continue expanding.
