אסטרונומיה

January 18, 2026, 1:16 PM EST. Bernstein reiterates an outperform on BYD, arguing the company's battery assets rival the equity value. BYD is the world's second-largest EV battery maker by installations, shipping about 70% more batteries than the third-largest. They say the battery segment alone is nearly worth the entire company's market value. BYD started as a cellphone-battery maker, pivoted to cars, and its Blade battery boosted EV sales after 2020; the Haohan energy-storage system debuted in September and is cheaper to manufacture. External battery shipments rose to over 10% of revenue last year and should reach mid-teens this year; overall battery shipments grew 47% last year, with a 35% rise forecast. The firm notes BYD's own cars consume about half of batteries; external customers include Xiaomi, XPeng, Toyota. Ford is reportedly in talks to buy BYD batteries for hybrids. BYD's market cap (~$115B) dwarfs Ford (~$55B).