BYD (002594.SZ) said on September 8 that market reports claiming management had disclosed a backlog of approximately 250,000 vehicles supporting super-fast charging technology were untrue. The reports also said production capacity would be sufficient by the first quarter of 2027. Market attention has focused on BYD's ability to expand production since the company launched its second-generation Blade Battery and super-fast charging technology in March this year. New battery lines and retrofits require modification, debugging and ramp-up time, and capacity constraints previously delayed deliveries of related models. Wang Chuanfu, chairman and president of BYD Group, said at the 2025 annual shareholders' meeting in June that orders had grown explosively after the launch, with supply unable to meet demand. He said BYD aimed to add capacity for 20,000 to 30,000 vehicles per month and would promote its super-fast charging strategy overseas from the fourth quarter of this year. Brokers continue to identify overseas operations as an increasingly important growth and profit engine. BYD's new energy vehicle exports reached 792,300 units in the first half of 2026, up 68% from a year earlier and representing about 44% of total sales. Overseas revenue rose 33.92% to CNY 181.268 billion, or about $27.1 billion, accounting for 52.57% of total revenue and exceeding half of the company's revenue for the first time. Nomura estimated that overseas markets generated as much as 90% of operating profit in the second quarter, maintained a Buy rating and set an H-share target price of HK$127. Morgan Stanley reiterated an Overweight rating with a HK$121 target, while China Merchants Securities International maintained Overweight with a HK$130 target. Analysts cited capacity bottlenecks in Blade Battery 2.0 and strong demand for super-fast charging models, with domestic capacity expected to improve by the end of 2026 or January-February 2027. BYD is also expanding its charging network and overseas manufacturing footprint to support sales, reduce tariffs and improve profitability.