BYD's Xi'an factory caught fire, with thick smoke billowing at the scene! Here's the latest response

(Original title: Sudden screen swipe! BYD's Xi'an factory caught fire, with thick smoke billowing on site, making it an important manufacturing base! The latest response has arrived) On June 2nd, a video of BYD's Xi'an factory catching fire was posted online, with footage showing thick smoke billowing at the scene.BYD responded that a fire broke out in the material area of the first workshop of the Xi'an factory, with no casualties and the fire has been extinguished

(Original title: Sudden screen swipe! BYD's Xi'an factory caught fire, with thick smoke billowing on site, making it an important manufacturing base! The latest response has arrived)

On June 2nd, a video of BYD's Xi'an factory catching fire was posted online, with footage showing thick smoke billowing at the scene.

BYD responded that a fire broke out in the material area of the first workshop of the Xi'an factory, with no casualties and the fire has been extinguished.

Image from screenshot of online video

However, as of the press release, BYD has not provided any further response regarding the specific reasons for the fire.

According to the official Weibo account of Xi'an High tech Industrial Development Zone, the location of the fire is the material area of Workshop 1 of BYD Pangguan Production Base. After the fire broke out, the public security, firefighting, emergency and other units in Xi'an High tech Zone handled it on-site. At 14:11 on June 1st, all open flames were extinguished and no casualties occurred. At present, the investigation into the specific cause of the fire is ongoing.

The factory on fire is a "key location" for BYD's production

It is reported that BYD's Pangguan production base is located in Xi'an High tech Zone and is one of BYD's important manufacturing bases, mainly producing BYD Qin, Song DM-i and other series of products.

At the same time, Xi'an is also a "key town" for BYD's production layout. It is reported that over the past decade, BYD has successively laid out pure electric bus bases, 30GWh power battery projects, high-end intelligent terminal industrial park projects, new energy vehicle parts and other projects in Xi'an.

In 2022, BYD achieved a cumulative output value of 182.7 billion yuan in Xi'an. Among them, BYD Automobile Co., Ltd. achieved an output value of 136.2 billion yuan, a year-on-year increase of over 220%.

In the same year, Xi'an surpassed Shanghai in terms of new energy vehicle production and became the "first city in new energy vehicle production". Among the 1015200 new energy vehicles produced in Xi'an, BYD's production base produces 995000 new energy vehicles, accounting for 97.9%.

BYD's May sales broke historical records

The day the Xi'an factory caught fire was also the day BYD disclosed its sales report for May. Data shows that BYD sold 24200 new energy vehicles in May, a year-on-year increase of 108.99% and a month on month increase of 14.23%.

It is reported that BYD's sales performance in May has broken the previous record of selling 235200 vehicles in December 2022, setting a new monthly record high.

Overall, from January to May, BYD sold 1.0026 million new energy vehicles, a year-on-year increase of 97.63%, achieving nearly one-third of its annual sales target of 3 million vehicles.

It is reported that BYD has received attention from 11 securities research reports in the past month, buying 8 companies and increasing 1 company. The average target price is 329.77 yuan, which is 72.2 yuan higher than the latest price of 257.57 yuan, and the target average price has increased by 28.03%.

Among them, the research report of Huaxi Securities shows that BYD relies on two advanced technology platforms, DM-i and E3.0, with technology upgrades driving the rise of product volume and price, and a clear path towards high-end development. The company maximizes its advantages in vertically integrated supply chain to resist the impact of industry force majeure. Therefore, it is optimistic that the company's technology driven product strength and brand strength will continue to rise. Maintain profit forecasts and maintain a 'buy' rating.