BYD A-shares surged over 8% at one point, with total market value returning to the trillion-yuan mark

On March 23, BYD (002594.SZ) opened higher, with intraday gains exceeding 8% at one point, bringing the company’s total market value back into the trillion-yuan range. As of the latest update, BYD rose 6.58%, trading at 109.81 yuan per share.

In news, at midnight on March 23, domestic refined oil prices will rise again, providing a positive boost for new energy vehicles.

It is reported that at 24:00 on March 23, the sixth round of domestic refined oil price adjustments will take place, with the expected increase for 92-octane gasoline exceeding 1.6 yuan per liter again. Currently, international oil prices remain significantly above the average price during this cycle. Industry analysts suggest that if international oil prices do not decline sharply, domestic fuel prices are expected to see continued increases.

Since March 2022, BYD has ceased the production of fuel-powered vehicles and has focused on pure electric and plug-in hybrid vehicles in its automotive segment. Data shows that BYD’s total sales for 2025 are expected to reach 4,602,436 units, a year-on-year increase of 7.73%, with pure electric models accounting for 2,256,714 units, a 27.86% increase year-over-year.

In 2025, BYD will surpass Tesla in annual electric vehicle sales for the first time. Tesla’s global deliveries in 2025 are expected to be 1.636 million vehicles, a decrease of about 8.6% year-over-year, marking the second consecutive year of decline.

Facing fierce competition in the electric vehicle market, BYD has also announced the latest battery and charging technology this year. On March 5, BYD launched its second-generation Blade Battery, which can charge from 10% to 70% in just 5 minutes, and from 10% to 97% in only 9 minutes. BYD Chairman Wang Chuanfu announced at the technology launch that the second-generation Blade Battery will be first equipped on 10 models, including BYD Dynasty, Ocean, Denza, and Yangwang.

Additionally, BYD has launched the “Flash Charging China” strategy, planning to build mass rapid charging stations nationwide. By the end of 2026, the company aims to complete the construction of 20,000 flash charging stations, including 18,000 “flash station hubs” and 2,000 “high-speed flash stations.”

The Middle East conflict has driven up global oil prices and also increased the appeal of electric vehicles in Southeast Asia. Reports indicate that a BYD dealership in Manila’s financial district has recently seen booming business, receiving orders equivalent to a month’s worth in just the past two weeks.

In recent years, BYD’s overseas sales have grown rapidly. In 2025, the cumulative overseas sales of BYD passenger cars and pickups are expected to reach 1,049,600 units, a year-over-year increase of 145%. In January and February of this year, BYD sold a total of 400,200 units, with overseas sales exceeding 200,000 units.

To expand its presence in international markets, BYD is evaluating entry into F1 racing. According to Yicai, a person close to BYD confirmed that Vice President Li Ke recently stated that BYD is studying entry into top-tier motorsport competitions, including F1 (Formula One World Championship), but has not yet made a final decision. Li Ke said that participating in the highest level of racing aligns with BYD’s long-term technology-first strategy. According to Li Ke, BYD is still assessing the feasibility of entering F1 and endurance racing.

Market reports also suggest that BYD is considering two approaches to enter F1: acquiring an existing team or building a new team from scratch, with the former being the company’s preferred option.