[ET Net News Agency, 8 November 2019] BYD Company (01211) yesterday announced that it
will set up a 50:50 JV with Toyota in China during 2020. The JV will mainly engage in BEV
(battery electric vehicle), BEV platform & auto-parts design, as well as R&D related
activities on NEVs (new energy vehicle).
Citi Research said this is not new news, but it believes the announcement shows a strong
commitment from both parties to cooperate to gain R&D and production leverages on NEV so
as to cut costs under a zero-subsidy environment.
The research house estimated the JV should incrementally add Rmb159m net profit in 2021
and Rmb3.7bn net profit in 2025 to BYD. The potential business could also lift BYD equity
value by Rmb46bn. Citi maintained its "buy" rating on BYD, with a target price of HK$74.7.
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01211 BYD COMPANY
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08/11/2019 16:04
{I-bank focus}BYD's (01211) JV to add RMB159m in 2021 - Citi
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