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Investing.com-- BYD Co Ltd (SZ:002594) (HK:1211) shares rose to a record high in Hong Kong trade on Wednesday, with Citi hiking its price target on the Chinese electric vehicle maker on the grounds that it was best positioned to benefit from stronger exports.

BYD rose 2.8% to HK$457.20 by 23:53 ET (03:53 GMT), hitting a record high of HK$464.20 earlier in the day. The stock was among the biggest boosts to the Hang Seng index, which added 0.5%.

Citi hiked its target price on BYD to HK$727 from HK$688, and maintained the rating at Buy.

Citi said that based on the pattern of China’s passenger car exports in April, 2025 appeared to be far more favorable to BYD than its peers.

The brokerage noted that BYD’s export market share accelerated sharply in the first four months of 2025- to 38% from 23% a year earlier.

Citi also noted that BYD’s strong plug-in hybrid EV export growth had not yet become a market consensus.

BYD’s strong exports are in line with the EV maker’s plans to sell at least 50% of its vehicles outside China by 2030. The company has made large forays into international markets such as India, Southeast Asia, and parts of Europe.

BYD is a major competitor for Tesla (NASDAQ:TSLA), and, including its hybrid sales, has largely outpaced Elon Musk’s EV firm in China.

The company also has limited exposure to higher U.S. trade tariffs, given that it is still blocked from American markets.

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