BYDDY - BYD Moves Into Ride-Sharing Ride-Hailing: Shares Rise 10%
- Shares in BYD rose 10% Tuesday, likely due to an agreement with online ride-sharing, ride-hailing company Senmiao Technology.
- Senmiao agrees to promote BYD EVs in return for favorable pricing, charging priority, and service.
- Senmiao will put down a deposit and expects to purchase at least 5,000 vehicles from 2020-2021 to support the anticipated growth in ride-sharing and ride-hailing.
- The agreement, in combination with China's 3-year Blue-Sky EV action plan and BEV incentives, are strong catalysts for BYD moving forward.
- BYD is a Strong BUY and should be considered as a long-term core holding.
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BYD Moves Into Ride-Sharing, Ride-Hailing: Shares Rise 10%