Shares of BYD rose approximately 9% and Xiaomi climbed about 5% on Thursday, driven by encouraging delivery numbers for June. Xiaomi achieved over 30,000 deliveries for the third consecutive month, totaling over 180,000 units in the first half of the year, which is about 33% of its 2026 target of 550,000 units, according to Citi.
The firm also suggested that Xiaomi's stock could see a rebound in August with the anticipated launch of its YU9 luxury SUV. Meanwhile, BYD reported a sales volume of 403,472 units in June, marking a 5.46% increase year-over-year.
Deutsche Bank noted that BYD's second-quarter sales surged 58% from the previous quarter, reaching 1.1 million units, and projected a quarterly net profit increase of 145% quarter-over-quarter to RMB 10 billion. This strong performance from both companies reflects growing confidence in the Chinese electric vehicle market