Chinese automaker BYD preps giant share sale
BYD, a listed Chinese electric automaker, is seeking to raise up to $5.2 billion in a new Hong Kong share sale.
Why it matters: This highlights how the global EV market is racing forward, even as it faces speed bumps in the U.S.
It also could send some shutters through U.S. and European automakers, as China continues to eat into global market share.
The big picture: This would be Hong Kong's largest share sale since Meituan raised $10 billion in April 2021.
Go deeper, via Bloomberg: "[BYD] fell short of surpassing Tesla as the biggest seller of pure EVs globally in 2024 by less than 25,000 units. However, BYD is set to leapfrog the Elon Musk-run company in annual revenue."
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