JP Morgan Expects BYD to Reach 6 Million Global Deliveries by 2026
JP Morgan Expects BYD to Reach 6 Million Global Deliveries by 2026
BYD's global deliveries could reach 6 million units by 2026, including about 1.5 million units in overseas markets, JPMorgan said.
摩根大通表示，比亚迪全球交付量到2026年可以达到600万辆，其中海外市场约有150万辆。
JPMorgan believes BYD's (HKG: 1211, OTCMKTS: BYDDY) efforts to expand into global markets will see a key milestone in 2026, when full-year deliveries are expected to reach 6 million units.
摩根大通认为，比亚迪（香港：1211，OTCMKTS：BYDDY）扩张全球市场的努力将在2026年迎来一个里程碑，届时全年交付量预计将达到600万辆。
By 2026, BYD's global deliveries could reach 6 million units, with about 1.5 million in overseas markets and the rest at its home market, analyst Nick Lai's team said in a July 9 research note.
尼克·赖的团队在7月9日的研究报告中表示，到2026年，比亚迪的全球交付量可达到600万辆，其中约有150万辆在海外市场，其余在国内市场。
That means BYD's share of the global light-vehicle market will expand from 3 percent in 2023 to 7 percent in 2026, and its share of the new energy vehicle (NEV) market will remain at about 22 percent, the team said.
这意味着比亚迪在全球轻型汽车市场的份额将从2023年的3％扩大到2026年的7％，而新能源汽车（NEV）市场的份额将保持在约22％左右，该团队说。
BYD sold 3,024,417 NEVs in 2023, a year-on-year increase of 62.30 percent, according to data compiled by CnEVPost.
根据CnEVPost收集的数据显示，比亚迪2023年销售了3,024,417辆新能源汽车，同比增长62.30％。
In the first half of this year, BYD sold 1,612,983 NEVs, up 28.46 percent year-on-year.
今年上半年，比亚迪销售了1,612,983辆新能源汽车，同比增长28.46％。
According to JP Morgan, 2026 will be an important strategic inflection point and milestone in BYD's global expansion ambitions as it completes and gradually ramps up production at its four overseas production bases in Thailand, Indonesia, Brazil and Hungary.
摩根大通表示，2026年将是比亚迪全球扩张雄心的重要战略拐点和里程碑，因为比亚迪完成并逐步提高在泰国、印度尼西亚、巴西和匈牙利四个海外生产基地的生产量。
On January 26, BYD announced the launch of production at its plant in Uzbekistan, and on July 4, BYD's Thailand plant went into operation. In addition to these two plants, BYD is also building passenger car plants in Hungary and Brazil.
1月26日，比亚迪宣布在乌兹别克斯坦工厂开始生产，7月4日，比亚迪的泰国工厂投产。除了这两个工厂，比亚迪还在匈牙利和巴西建造乘用车工厂。
At the end of March, an Indonesian official said that BYD planned to hold a groundbreaking ceremony for its Indonesian plant, which will start production in 2026, in July this year.
今年3月底，印尼官员表示，比亚迪计划在7月份为其印尼工厂举行奠基典礼，该工厂将于2026年开始生产。
On July 8, BYD signed an agreement with the Turkish government to invest about $1 billion in the country to build a NEV production base with a planned annual capacity of 150,000 vehicles, which will go into production by the end of 2026.
7月8日，比亚迪与土耳其政府签署协议，将在该国投资约10亿美元，在该国建立一个新能源汽车生产基地，计划年产能为15万辆，将于2026年底投产。
Turkey is one of the automotive industry's gateways to the European market through the customs union and has signed free trade agreements with 23 European countries.
土耳其是汽车行业通过关税同盟进入欧洲市场的门户之一，已与23个欧洲国家签订自由贸易协议。
Earlier this month, the European Commission announced a provisional anti-subsidy duty on imports of battery electric vehicles (BEVs) from China starting July 5, with BYD's 17.4 percent additional duty rate being the lowest of all Chinese carmakers.
本月早些时候，欧盟宣布对从中国进口的电动汽车（BEV）征收暂行反补贴税，从7月5日起实施，比亚迪的17.4％的额外税率为所有中国汽车制造商中最低的。
While the EU will raise tariffs, JPMorgan believes BYD will aim to compete overseas through configuration or product, rather than price.
尽管欧盟将提高关税，但摩根大通认为，比亚迪将通过配置或产品而非价格来与海外竞争。
At the same time, the team noted that while BYD's NEV products can compete with most of their mass-market overseas counterparts in terms of cost and features, establishing a brand abroad will not be easy.
与此同时，该团队指出，虽然比亚迪的NEV产品在成本和功能方面可以与其大多数海外普通产品竞争，但在国外建立品牌并不容易。
JPMorgan is bullish on BYD's expansion in global target markets, mainly Southeast Asia, Latin America and the European Union.
摩根大通看好比亚迪在亚洲、拉丁美洲和欧盟等全球目标市场的扩张。
The bank believes that overseas markets will be able to provide BYD with stronger growth opportunities, as well as excellent margins.
该银行认为，海外市场将为比亚迪提供更强的增长机会以及良好的利润率。
BYD acquires 20% stake in Thai dealer Rever Automotive
比亚迪收购泰国经销商Rever Automotive的20％股权。