GMBStaff

 22 Dec 23

tl;dr

In Friday trading, BYD Company Limited (OTCPK:BYDDF) saw a surge in stock price following its announcement of plans to construct its inaugural European automobile manufacturing plant in Szeged, Hungary. Initially expected to be capable of producing around 200,000 vehicles, this project represents on...

In Friday trading, BYD Company Limited (OTCPK:BYDDF) saw a surge in stock price following its announcement of plans to construct its inaugural European automobile manufacturing plant in Szeged, Hungary. Initially expected to be capable of producing around 200,000 vehicles, this project represents one of the largest investments in Hungarian economic history. Hungary is emerging as a significant electric vehicle (EV) hub, having garnered an estimated €20 billion in EV-related investments over the past five years, including significant contributions from China's Contemporary Amperex Technology Co. Ltd. Furthermore, with analysts predicting a two- to three-year timeline for production initiation, the move signifies a momentous step for BYD in its competitive entry into the European EV market. Notably, Barron's named BYD a superior EV stock selection over Tesla (TSLA) for 2024. Shares of BYD increased by 1.35% in late morning trading on Friday.

More about Tesla Inc

Tesla Inc. is an American electric vehicle and clean energy company that had the highest sales in the plug-in and battery electric passenger car segments in 2020, capturing 16% of the plug-in market and 23% of the battery-electric market. The company is a major installer of solar photovoltaic energy generation systems in the United States and one of the largest global suppliers of battery energy storage systems, with 3 GWh of battery storage supplied in 2020. In terms of stock performance, the company's stock is currently at $224.53, with a previous change of -0.442 and a change of 0.088. Market sentiment towards Tesla Inc. is positive, with a strong focus on its electric vehicle and clean energy products and services.

Disclaimer:
This is not financial advice. Please do your own research before investing in any asset.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 10 Jan 25
 10 Jan 25
 10 Jan 25