Shares of BYD and Xiaomi soar as June delivery figures indicate sustained momentum.
BYD experienced a 9% increase and Xiaomi saw a 5% rise in Hong Kong trading following impressive delivery numbers for June. Shares of Chinese electric vehicle manufacturers soared on Thursday after surpassing expectations for June deliveries. BYD's vehicle sales reached 403,472 in June, marking a 5.46% increase compared to the same month last year.
According to Deutsche Bank, BYD's sales volume in the second quarter climbed 58% from the previous quarter, totaling 1.1 million units. The bank anticipates a 145% quarter-on-quarter increase in quarterly net profit, projecting it to reach RMB 10 billion in Q2. BYD's international sales soared 94.7% year on year to 175,349 vehicles in June, although domestic deliveries dropped by 22%, suggesting that growth is now driven by international markets.
Xiaomi achieved over 30,000 deliveries for the third consecutive month in June. The total shipments from January to June surpassed 180,000 units, indicating approximately 33% of its target of 550,000 deliveries for 2026, according to Citi. The bank suggested that Xiaomi's shares may see further gains in August with the upcoming release of its YU9 luxury SUV.
Citi also highlighted a potential booster from the memory market, stating that any indication of a peak in memory pricing, along with increased capital expenditure announcements from global Chinese memory manufacturers, could benefit Xiaomi shares. This reflects the AI-driven memory shortage that has been pressuring Xiaomi’s smartphone margins alongside its EV growth.
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Shares of BYD and Xiaomi soar as June delivery figures indicate sustained momentum.
BYD rose by 9% and Xiaomi increased by 5% in Hong Kong following June's figures. BYD reported sales of 403,472 units, while Xiaomi achieved over 30,000 deliveries for the third consecutive month.