Chinese electric car manufacturer BYD Co. is set to raise up to HK$40.7 billion (approximately $5.2 billion) in a share sale in Hong Kong, marking the largest offering in the city in four years. This announcement comes from a BYD press release.
The company has engaged Citic Securities Co., Goldman Sachs Group Inc., and UBS Group AG to manage the placement of 118 million shares. These shares will be priced between HK$333 and HK$345 each, representing an 8.4% discount from the closing price on March 3, 2025.
BYD intends to allocate the funds raised to localize production in several countries, a strategic move to navigate tariffs on electric vehicles manufactured in China. A key part of this strategy includes plans to establish a third manufacturing plant in Europe, with a decision expected within the next 18 months.
These expansion plans are supported by impressive sales performance. In February 2025, BYD sold over 318,000 electric and hybrid passenger cars, a remarkable 161% increase compared to 2024. International sales contributed significantly, with 67,000 vehicles sold overseas. BYD anticipates supplying between 5 and 6 million electric vehicles and hybrids in 2025.
While BYD has not yet surpassed Tesla in overall sales volume, the company aims to outpace Tesla in annual revenue, targeting $100 billion for 2024.
BYD Co Ltd is a Chinese multinational conglomerate with a diverse portfolio encompassing electric vehicles, hybrid vehicles, rechargeable batteries, and electronic components. Its subsidiaries include BYD Auto, the car manufacturer, and BYD Electronic, which focuses on batteries and electronics. The company’s headquarters are located in Shenzhen, China, with manufacturing facilities across China, Uzbekistan, Brazil, Thailand, and Hungary.
