Citi Keeps Buy Rating on BYD, Sets Target Price at HK$114

Citi issued a research report noting that as of the end of October 2026, pure electric vehicles accounted for 50.9% of BYD COMPANY (01211)'s export sales.

During the same period, the blended suggested retail price of BYD's exported models worldwide stood at 337,000 yuan, up 3% month-on-month.

The bank maintained its "Buy" rating on BYD COMPANY with a target price of HK$114.

According to the bank's field research findings, in the UK market, the official price of the Atto 3 remained at around GBP 37,000, with dealer discounts at 7%, slightly up 0.2 percentage points from last month.

The Dolphin's official price held steady at about GBP 25,500, with dealer discounts at 6.9%, up 0.4 percentage points from last month.

In the Australian market, the Atto 3's official price was around AUD 49,000, with dealers offering a 7.6% discount, up 0.3 percentage points from last month.

The Dolphin's official price was about AUD 36,900, with dealer discounts at 7.3%, also up 0.3 percentage points from last month.

In the Brazilian market, the Atto 3's official price remained at BRL 229,800, with dealers offering a 10% discount, up 0.4 percentage points from last month.

The Dolphin's official price was BRL 149,800, with dealer discounts also at 10%, up 0.7 percentage points from last month.

Citi analyzed that BYD COMPANY's pricing in major overseas markets remained stable, though dealer discounts widened slightly.