Chinese electric vehicle (EV) leader BYD Company (BYDDF) has set a new record. According to a statement released on its webpage yesterday, BYD has produced its 10 millionth new energy vehicle (NEV). This comes as the company celebrates 30 years in business. So far, no other automaker has produced this many EVs, not even Tesla (TSLA). This shows that even in a difficult market, BYD is finding ways to stay ahead of production goals and continue meeting demand for its EVs and batteries.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
What’s Happening with BYD Stock Today?
News of this new production milestone has been good for BYDDF stock so far. Shares closed out trading yesterday in the green and continued rising in after-hours trading. Despite some volatility, likely due to unfavorable market conditions, BYDDF has performed extremely well recently. Shares are currently up 22% for the quarter, demonstrating that the stock is strong enough to hold its own in a difficult market.
Now BYD’s new production milestone is setting up for a strong finish to the year. No other EV producer to date has turned out that many cars. As of October, Tesla has only built seven million EVs, putting it substantially behind its Chinese rival. BYD has outsold Tesla multiple times, and it is clear that the fellow EV leader has no intention of slowing down.
One key takeaway for investors is that BYD has figured out how to effectively streamline production. As yesterday’s statement noted, “BYD took 15 years to produce the first 5 million NEVs and achieved the next 5 million in just 15 months.” This indicates that BYD has mastered the art of turning out high-tech new energy vehicles and scaling operations as demand continues to rise.
Wall Street Remains Bullish on BYDDF Stock
Turning to Wall Street, analysts have a Strong Buy consensus rating on BYDDF stock based on 12 Buys and one Hold assigned in the past three months, as indicated by the graphic below. After an 8% rally in its share price over the past year, the average BYDDF price target of $44 per share implies 28% upside potential.
