BYD Sees Annual Sales Rise Despite Tepid Market, Says JPMorgan

BYD Co. is projecting an increase in annual sales, fueled by a more optimistic domestic outlook and an aggressive global expansion that aims to defy cooling demand in the broader electric vehicle market, said JPMorgan Chase & Co.

The Shenzhen-based automaker now expects domestic sales to reach between 3.5 million and 4 million units this year, the bank’s analysts said in a note following a post-holiday briefing with management. The guidance represents growth of up to 13% in its home market, exceeding analyst estimates that had largely expected flat volumes or even a moderate decline.