HONG KONG, July 24, 2026, 21:12 HKT
- BYD ended the week at HK$88.65, marking a 0.06% decline.
- European registrations in the first half totaled 174,144, exceeding Tesla NASDAQ:TSLA by 3,793.
- Exports accounted for 43.5% of sales in June, up from an estimated 23.5% share a year earlier.
BYD HKG:1211 surpassed Tesla in Europe for first-half registrations, but its shares in Hong Kong showed little movement over the week. After local market trading wrapped up, the stock settled at HK$88.65 on Friday.
On Friday, trading volume totaled 13.6 million shares, representing 50% of the 65-day average. The Hang Seng rose 1.63% for the week. BYD underperformed the index by roughly 1.69 percentage points.
The gap is the key signal for investors. While overseas demand is rising rapidly, investors remain cautious, expecting an improvement in earnings.
According to provisional figures released by the European Automobile Manufacturers’ Association, BYD logged 174,144 registrations in the first half, reflecting a 145.5% increase. Tesla saw 170,351 registrations, a rise of 54.6%. Both companies held a market share of 2.4%.
The comparison is not entirely direct. BYD’s sales include both battery-electric vehicles and plug-in hybrids. Registrations track consumer demand, not the number of units shipped from factories.
| Europe registrations, EU+EFTA+UK | June 2026 | Year-on-year | First half | Year-on-year |
|---|---|---|---|---|
| BYD HKG:1211 | 38,455 | up 144.2% | 174,144 | increase of 145.5% |
| Tesla NASDAQ:TSLA | 52,563 | rising 49.9% | 170,351 | up by 54.6% |
| SAIC Motor SHA:600104 | 38,647 | increasing by 46.9% | 180,659 | gain of 18.0% |
| Volkswagen Group ETR:VOW3 | 345,937 | up 6.4% | 1,848,988 | increasing 2.1% |
ACEA data are preliminary and subject to change.
Tesla continued to lead in June, recording 52,563 registrations compared to BYD’s 38,455. BYD, however, saw a growth rate nearly three times higher than Tesla’s. The broader European market rose by 13.1%.
Regional figures highlight a broader shift in BYD’s sales composition. Preliminary June export numbers stood at 175,349 vehicles, marking a 94.7% increase year-on-year. Exports accounted for 43.5% of BYD’s 403,472 worldwide sales.
Given the disclosed growth rate, the export share a year ago stood at roughly 23.5%. This figure suggests a movement approaching 20 percentage points. International markets account for a significantly larger share of BYD’s expansion.
Sales in China dropped by 22% in June, even as global sales increased by 5.5%. Growth in international markets thus outweighed losses at home. Despite this, total global sales for the first half slipped 15.7% to 1.81 million vehicles.
The two principal powertrain types posted losses over the six months. Battery-electric vehicle sales dropped 15.2%, while sales of plug-in hybrids decreased 16.5%.
Earnings continue to pose the bigger challenge. BYD’s unaudited revenue for the first quarter decreased by 11.8% to 150.23 billion yuan. Net profit was down 55.4%, and operating cash flow slipped 67.5%.
European firms are trimming expenses as Chinese rivals ramp up competition. Volkswagen CEO Oliver Blume remarked on Friday: “When we look to the future, we have more and more risks coming.” He pointed to over 150 Chinese competitors. Reuters
BYD trades at HK$88.65, marking a 32.8% drop from its 52-week peak and sitting 24.2% higher than its June 30 trough of HK$71.40. The stock has recovered; however, earnings remain behind.
Hong Kong markets reopen on Monday, July 27. BYD’s final dividend of HK$0.41141 is due for distribution on Friday. Attention will next shift to July data on sales, exports, and Chinese demand.
Risks: European registration data are still provisional. Registrations might not correspond directly to revenue or profit margins. Price competition in China and expenses linked to international expansion could limit cash flow.
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