BYD Sales to Rebound 178% in March on New Model Cycle, Citi Says

Edgen Stock·Mar 16 2026, 17:13

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Key Takeaways

Citi Research forecasts a strong sales rebound for BYD in March after a seasonal dip, supported by a strategic inventory reduction ahead of a major new product cycle. The bank reiterated its Buy rating, anticipating new models under the Fangchengbao and luxury Denza brands to drive future growth and global expansion.

Citi projects BYD's March sales to expand to 220,000-250,000 units, a significant increase from February's 89,600 wholesale units.
The company is clearing inventory before a new product cycle begins in mid-April, featuring models like the Fangchengbao Leopard 3 and Leopard 7.
BYD's global push includes the Denza Z9 GT, a luxury EV launching in Europe with a claimed 800 km range and 5-minute fast-charging capabilities.

Citi Forecasts March Sales to Triple to 250,000 Units

Citi Research projects BYD's sales will accelerate sharply in March, estimating total deliveries between 220,000 and 250,000 units. This follows a slower February where auto insurance registrations fell 16.5% month-over-month to approximately 87,300 units, reflecting stable dealer inventory levels. The bank's bullish forecast is underpinned by a strategic destocking period in March and April. In its report, Citi assigned BYD a Buy rating with a target price of HKD174, signaling confidence in the automaker's near-term performance.

New Product Cycle in April to Drive Growth

BYD is preparing for a new product offensive scheduled to begin in mid-April, which is expected to be a primary growth catalyst. The company's Fangchengbao sub-brand is set to introduce the "Leopard 3," equipped with a new battery and ultra-fast charging. Citi anticipates this model alone could achieve monthly sales of 8,000 to 9,000 units once it reaches market maturity. The adventure-focused brand will also officially launch its "Leopard 7" model in April, further broadening BYD's market reach beyond its core offerings.

Denza Spearheads European Luxury Push in April

BYD is intensifying its global expansion by targeting the European luxury segment with its high-end Denza sub-brand. The Denza Z9 GT, a luxury electric sedan, is slated to go on sale in Europe on April 8, 2026. The vehicle showcases BYD's latest technology, including its Blade Battery 2.0 and a revolutionary Flash Charging system capable of recharging from 10% to 70% in just five minutes. The rear-wheel-drive variant offers a WLTP range of up to 800 km (497 miles), directly challenging established European luxury automakers on performance and technology.

The introduction of the DENZA Z9GT in Europe marks a very important milestone for our brand. The Z9GT represents the true spirit of DENZA — where advanced technology, beautiful design and emotional driving come together.

— Stella Li, Executive Vice President, BYD.