BYD, the Chinese electric vehicle manufacturer, has managed to raise 5.6 billion dollars in Hong Kong through the sale of shares. This deal reinforces expectations of a rebound in Chinese stock sales after several years of decline. The company has experienced solid performance recently, selling more than 318,000 fully electric and hybrid passenger vehicles last month, representing a 161 percent increase compared to the previous year.
According to preliminary data, wholesale deliveries of Tesla Inc. products manufactured in China decreased significantly last month, falling to their lowest level in over two and a half years. This decline adds to a concerning decrease in Tesla's global sales, at a time when CEO Elon Musk is becoming increasingly involved in political affairs.
In contrast to Tesla's situation, Chinese giant BYD Co. has experienced a remarkable increase in sales in China. The company sold over 318,000 fully electric and hybrid passenger vehicles last month, representing a 161 percent increase compared to the previous year. This reflects a clear performance difference between the two companies in the Chinese automotive market.
BYD plans to use the funds obtained through the sale of shares to accelerate the construction of factories abroad and mitigate tariff risks. The company, which seeks to increase its total sales to 6 million vehicles this year, is expanding its operations in various international markets and investing in localizing production.
BYD's transaction marks the largest share sale in Hong Kong in nearly four years. The company sold 129.8 million shares at 335.20 Hong Kong dollars each, thus obtaining a total of 5.6 billion dollars. This additional capital will allow BYD to expand its global presence, invest in research and development, and finance its corporate operations.
