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<Research>HSBC Research Sees BYD COMPANY, GEELY AUTO & CATL as Main Beneficiaries of Oil Price Surges Markedly Boosting EV & Energy Storage Demand
Recommend 39 Positive 69 Negative 22 |
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The sharp rise in international oil prices will be a significant positive for the adoption of electric vehicles (EVs) and energy storage demand, HSBC Research wrote in its report. The broker saw BYD COMPANY (01211.HK), GEELY AUTO (00175.HK), and CATL (03750.HK) as the main beneficiaries in this scenario. All of them were rated as Buy, with target prices of HKD139, HKD30, and HKD648, respectively. Rising oil prices will further improve the total cost of ownership of EVs compared to traditional fuel vehicles and will enhance the overall value of electrification and energy storage solutions, HSBC Research explained. Although consumer and fleet responses may lag, and short-term automotive demand will still be influenced by macroeconomic factors and consumer confidence, the trend is clearly going in favor of the global acceleration of EV replacement or transition, and energy storage demand will be further boosted. AAStocks Financial News |
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