>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Chinese electric vehicle maker BYD Company surged as much as 9.1% to hit HK$236.8, the highest in more than four month. Its Shenzhen-traded shares jumped as much as 5.7% to hit 284.45 yuan.
BYD will launch its third passenger electric vehicle in India by the fourth quarter of this year, the carmaker said during an auto show in New Delhi on Wednesday.
The all-wheel drive luxury sedan, BYD Seal, will have a range of 700 kilometres. The company also plans to double its dealer network in the country in 2023, it added. BYD launched its first passenger car in India in October, an electric sport-utility vehicle (SUV), with a plan to corner 40% of the country’s electric car market by 2030.
BYD is seeking to capture a 40% market share by 2030, foreign media cited Sanjay Gopalakrishnan, senior vice president of the automaker’s local unit.
In addition, data from the China Passenger Car Association showed that BYD sold 1.86 million vehicles in 2022, surging 155.1% from the previous year, and that included 11,320 vehicles exported. In December alone, BYD’s passenger car sales reached 234,598 units, jumping 139.4% from a year ago.
