Investing.com - Shares in Chinese electric carmaker BYD (HK:1211) (SZ:002594) rose on Thursday after the company said it plans to unveil its smart-car strategy at a press conference next week.
The stock spiked by its most since 2022 in Hong Kong trading following the announcement, and hit the daily limit of 10% gains in Chinese dealmaking.
Analysts believe BYD could use the event to say that it will fold autonomous-driving technology into its EV models, the Wall Street Journal has reported. BYD’s strategy of offering cheaper cars has helped to increase sales, although it has not been a leader in self-driving tech, the WSJ said.
Elsewhere, BYD is aiming to hire 20,000 workers in Zhengzhou during the first quarter, particularly in areas like research and development and manufacturing, according to a report in the government-run Henan Daily on Thursday.
BYD posted record global sales of both its EVs and hybrids in 2024 thanks in large part to solid demand in its home market despite intensifying domestic competition. End-of-year discounts also helped to lift sales.
Annual sales of pure battery electric vehicles, in particular, climbed by 12.08% versus the prior year to more than 1.76 million, just behind U.S. EV giant Tesla (NASDAQ:TSLA)’s mark of 1.78 million units.
(Reuters contributed reporting.)