By the end of May 19, one of the largest Chinese EV suppliers, BYD, saw its share price rise 8.87% to CNY 172.78, with a market value of CNY 494.3 billion, amid its potential cooperation with Huawei and a new EV sales record.
Some press reported that Huawei planned to sell cars in 200 stores by the end of July and expanded to more than 1000 by the end of the year. In addition to its cooperation with Chongqing Sokon Industry Group Co Ltd, Huawei is considering working with BYD, BAIC, Benz, and Changan, which are all critical players in the Chinese automotive market.
On the same day, BYD held a ceremony to celebrate the production of its millionth plug-in electric car, which rolled off the production line in Shenzhen. This marks BYD becoming the first Chinese car company to achieve a one million EV sales volume. Also, BYD announced that its passenger vehicles would soon enter Europe, starting from Norway just like its fellow EV maker NIO.
Stimulated by the above two stories, its share price rose significantly to CNY 172.78 on that day. After three months of long adjustments, BYD stock is finally back on track, showing a clear upward trend.