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，比亞迪全球交付量到2026年可以達到600萬輛，其中海外市場約有150萬輛。
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.
摩根大通認爲，比亞迪（香港：1211，OTCMKTS：BYDDY）擴張全球市場的努力將在2026年迎來一個里程碑，屆時全年交付量預計將達到600萬輛。
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·賴的團隊在7月9日的研究報告中表示，到2026年，比亞迪的全球交付量可達到600萬輛，其中約有150萬輛在海外市場，其餘在國內市場。
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.
這意味着比亞迪在全球輕型汽車市場的份額將從2023年的3％擴大到2026年的7％，而新能源汽車（NEV）市場的份額將保持在約22％左右，該團隊說。
BYD sold 3,024,417 NEVs in 2023, a year-on-year increase of 62.30 percent, according to data compiled by CnEVPost.
根據CnEVPost收集的數據顯示，比亞迪2023年銷售了3,024,417輛新能源汽車，同比增長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，比亞迪銷售了1,612,983輛新能源汽車，同比增長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年將是比亞迪全球擴張雄心的重要戰略拐點和里程碑，因爲比亞迪完成並逐步提高在泰國、印度尼西亞、巴西和匈牙利四個海外生產基地的生產量。
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，比亞迪宣佈在烏茲別克斯坦工廠開始生產，7月4日，比亞迪的泰國工廠投產。除了這兩個工廠，比亞迪還在匈牙利和巴西建造乘用車工廠。
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，印尼官員表示，比亞迪計劃在7月份爲其印尼工廠舉行奠基典禮，該工廠將於2026年開始生產。
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，比亞迪與土耳其政府簽署協議，將在該國投資約10億美元，在該國建立一個新能源汽車生產基地，計劃年產能爲15萬輛，將於2026年底投產。
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.
土耳其是汽車行業通過關稅同盟進入歐洲市場的門戶之一，已與23個歐洲國家簽訂自由貿易協議。
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.
本月早些時候，歐盟宣佈對從中國進口的電動汽車（BEV）徵收暫行反補貼稅，從7月5日起實施，比亞迪的17.4％的額外稅率爲所有中國汽車製造商中最低的。
While the EU will raise tariffs, JPMorgan believes BYD will aim to compete overseas through configuration or product, rather than price.
儘管歐盟將提高關稅，但摩根大通認爲，比亞迪將通過配置或產品而非價格來與海外競爭。
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.
與此同時，該團隊指出，雖然比亞迪的NEV產品在成本和功能方面可以與其大多數海外普通產品競爭，但在國外建立品牌並不容易。
JPMorgan is bullish on BYD's expansion in global target markets, mainly Southeast Asia, Latin America and the European Union.
摩根大通看好比亞迪在亞洲、拉丁美洲和歐盟等全球目標市場的擴張。
The bank believes that overseas markets will be able to provide BYD with stronger growth opportunities, as well as excellent margins.
該銀行認爲，海外市場將爲比亞迪提供更強的增長機會以及良好的利潤率。
BYD acquires 20% stake in Thai dealer Rever Automotive
比亞迪收購泰國經銷商Rever Automotive的20％股權。