BYD's 1,008-km Da Han Debut Meets a Tax Squeeze and a Board Date
Published on 10/18/2026 at 11:01 | Editorial boerse-global.de
BYD is pressing ahead on two fronts at once: rolling out new metal at home and abroad while absorbing a pair of policy shifts that could reshape the economics of its overseas business. The stock's muted performance this year suggests investors are weighing the launches against the levies.
On Friday the shares closed at EUR 8.34, down 22 percent since the start of the year. That leaves a thin cushion above the 52-week low of EUR 8.03 — a gap of just 3.9 percent.
A Flagship Sedan and a Paris SUV
The Da Han EV, a fully electric sedan aimed at the upper mid-market, has begun sales below its pre-order price. It runs on a second-generation Blade battery with 102.3 kilowatt-hours of capacity, and rear-wheel-drive versions are rated at up to 1,008 kilometers of range on China's CLTC cycle.
Europe gets its own newcomer. The seven-seat ATTO 8 SUV, unveiled at the Paris Motor Show, carries a 115-kilowatt-hour second-generation battery and is targeting up to 653 kilometers of combined WLTP range. BYD plans to launch it in Europe in the first quarter of 2027.
Beijing Cuts the Export Rebate
The backdrop for both rollouts is a tightening policy environment. China's Ministry of Finance announced on October 12 that the value-added tax rebate on exports of new-energy vehicles will fall from 13 percent to 9 percent, effective April 1, 2027. The change has set off debate about future export margins for Chinese automakers, and it weighed on the stock on Tuesday alongside a separate agreement on hybrid vehicle imports into the EU and a target cut from JPMorgan.
Should investors sell immediately? Or is it worth buying BYD?
BYD is striking a conciliatory note. The company said the understanding reached helps address differences and avoid escalation. Executive Vice President Stella Li described the tariff pressure tied to the trade deal as a temporary phenomenon and pointed to existing investment commitments in Europe.
The geographic focus is narrowing, too. Speaking at the Milken Institute Asia Summit, Li said the company has no plans at present to enter the United States with passenger cars, given geopolitical uncertainty. Sales efforts will stay concentrated on other overseas markets and Europe for now.
Home Turf: Batteries and Trucks
Domestic operations continue to deliver. In September, BYD installed 18.29 gigawatt-hours of EV batteries in China, taking a 21.09 percent market share and holding second place behind CATL. The gap to the market leader narrowed for a fourth consecutive month.
Commercial vehicles hit a milestone as well. On October 10, an electric Q3 tractor unit became the 150,000th new-energy commercial vehicle to roll off the line at the Huai'an plant. BYD reaffirmed plans to step up investment in heavy long-haul electric trucks.
September Deliveries and a Nine-Month Dip
September volume came to 463,561 new-energy vehicles, including 273,143 pure battery-electric passenger cars. Exports accounted for 180,700 units in the period. Across the first nine months of the year, total sales reached 3,131,576 vehicles — a slight decline of 3.94 percent from a year earlier.
Analysts Trim, Then Trim Again
Target prices have been adjusted in recent weeks, though the bullish stance has held. Bernstein cut its target to $16.57 from $17.33 on October 9 while keeping a Buy rating. Two days earlier, CGS International lowered its target to $13.20 from $14.53, also maintaining Buy.
Attention now turns to October 29, when the board meets to review and approve the unaudited third-quarter figures and the results for the nine months ended September. With price competition showing no sign of easing, that report should offer the clearest read yet on how margins are holding up.
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