BYD Shares Edge Higher after the Deal with Indonesia’s Largest Taxi Operator

The share price of BYD lost momentum in the afternoon trading session on Wednesday in the Hong Kong stock market after opening higher in the morning in response to the deal with  Indonesia’s largest taxi operator.

As of 13:04 HK time, the share price of BYD was at HKD233.80 per share, decreased HKD1.00 or 0.43% per share. 

The share price rose 2.17% yesterday to close at HKD234.80 per share after the deal was announced.

PT Blue Bird said that it will buy 80% of its EV from BYD, while reviewing its Tesla orders as lower-cost models win out in the country. This would account to most of the 500 EVs to be delivered to PT Blue Bird this year.

The operator said that BYD’s vehicles are a better fit for the Indonesian market and the price is supportive.

Great Wall Motor is also finalizing its deal to invest up to US$30 million to set up a new battery pack assembly plant in Thailand. 

Narong Sritalayon, managing director of Great Wall Motor Thailand, said that the deal is expected to finalize within the next six months.