- BYD’s Shenzhen-listed shares rose 4.92% as of press time, reaching their highest level since October 2025.
- Surging international oil prices are driving up travel costs for traditional combustion-engine vehicles, accelerating consumer transition to NEVs.
Shares of new energy vehicle (NEV) giant BYD surged as a rally in international crude prices triggered sharp spikes in Chinese gasoline costs.
The automaker’s Shenzhen-traded stock defied a broader market slump on Monday. As of press time, the shares climbed 4.92% to 108.10 yuan ($15.67) per share, hitting the highest level since October 2025.
In contrast, the broader Chinese A-share market tumbled. The benchmark Shanghai Composite Index fell 3.54%, the Shenzhen Component Index dropped 3.56%, and the ChiNext Index slid 3.47%.
BYD’s Hong Kong-listed shares jumped as much as 8.4% in early trading. Although the stock has since erased all gains to trade flat, its overall performance remains stronger than the broader market.
The rally is primarily driven by an impending, substantial hike in China’s gasoline prices. Starting at 12:00 am Beijing time on March 24, domestic refined oil prices will undergo their sixth adjustment of the year.
The upcoming price hike is expected to be around 2,000 yuan per ton, according to estimates by Sublime China Information. This will mark the fifth increase this year and the largest to date.
Prices for #92 gasoline, the most commonly used fuel in China, will enter the “9-yuan era.” Private car owners will have to spend an additional 87 yuan to fill a standard 50-liter tank.
As travel costs for traditional combustion-engine vehicles soar, the NEV sector is seen as a major beneficiary.
BYD ceased production of traditional internal combustion engine vehicles in March 2022. In 2025, the company’s full-year battery electric vehicle (BEV) sales reached 2,256,714 units, surpassing Tesla’s 1,636,129 units for the first time.
In addition to BEVs, BYD’s passenger vehicle lineup includes plug-in hybrid electric vehicles (PHEVs), which recorded sales of 2,288,709 units in 2025, according to data compiled by CnEVPost.
Facing fierce competition, BYD unveiled its second-generation Blade Battery and flash-charging technology earlier this month, enabling a charge from 10% to 70% in just five minutes.
BYD also plans to build 20,000 flash-charging stations nationwide by the end of 2026; these initiatives further enhance the competitiveness of its NEV models in the market, accelerating the replacement of gasoline-powered vehicles.
Deutsche Bank analysts noted that China’s mature EV ecosystem provides a natural buffer against surging oil prices.
($1 = 6.9118 yuan)
