UBS released a research report stating that BYD COMPANY (01211) showed encouraging signs in its third-quarter performance, with net profit rebounding 23% from the low in Q2. As BYD's net profit margin recovered from the Q2 trough, the bank reiterated its "Buy" rating with a target price of HK$160.

UBS noted that while domestic competition remains intense and the industry outlook for next year is still challenging—given China's planned 5% purchase tax on electric vehicles starting in 2026—BYD has made breakthroughs in overseas markets. These include selling a record 11,000 EVs in the UK in September alone, commencing production at its Brazil plant, and gaining market share in regions from Australia to Turkey.

Recent premiumization efforts have also yielded results, with the newly launched FCB Tai7 nearing monthly sales of 10,000 units, and the Denza N8 being competitively priced at around RMB 300,000.