Hong Kong-listed BYD Co. Limited (HK:1211) is back in the spotlight this week with its latest updates. The company is making a significant push into robotics with an extensive hiring effort for its embodied intelligence (EI) division. Additionally, the company confirmed the launch of its operations in South Korea in January next year.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Based in China, BYD Co. is among the leading global manufacturers of EVs (electric vehicles) and power batteries. Year-to-date, BYD shares have gained 28%.
Let’s take a closer look at these two updates.
BYD Takes a Step Into Robotics
BYD is making a significant push into robotics by launching a major recruitment campaign for its EI segment. The company recently initiated a hiring drive on WeChat to recruit experts in sensory algorithms, robotics, and software engineering. The company’s EI research team, formed in 2022, is dedicated to enhancing robots’ decision-making abilities and broadening the industrial uses of EI technology.
This recruitment drive highlights BYD’s increasing focus on EI, which places it at the forefront of the Chinese firms intensifying their robotics initiatives. Additionally, this move into robotics hints at a strategic shift for BYD to diversify beyond EVs. With this move, BYD is leveraging its advanced manufacturing expertise to tap into the rising demand for automation and robotics.
BYD Targets South Korea with January Launch
In separate news, BYD Korea, the South Korean arm of BYD has reportedly finalized agreements with six dealer partners in South Korea. This will mark the company’s debut in the region, which is scheduled for January next year. According to South Korea’s Maei, the selected dealers—DT Networks, Samchully EV, Harmony Automobile, Vision Mobility, GNB Mobility, and SS Motors—will manage the sales of BYD passenger vehicles and provide customer support services.
The report stated that the company will open 15 showrooms in South Korea initially. However, BYD has yet to provide any official details.
In recent years, BYD has been focusing on growing its global market share while maintaining its dominance in China. The company is also working to reduce its reliance on Mainland China by expanding internationally.
Is BYD a Good Stock to Buy Now?
Analysts maintain a highly bullish stance on BYD stock as reflected in its Strong Buy rating. According to TipRanks, 1211 stock has received nine Buy and one Hold recommendations. The BYD Co. share price target is HK$353.42, which implies an upside of 31% from the current trading level.
