BYD, Power Metallic Mines, and Nordex: How to benefit from industry leaders in the energy transition

BYD – In a price war: profits under pressure

BYD is facing a relentless price war in its home market of China. Even with 441,706 units sold, the highest number in the entire year, the group's sales in October 2025 slipped by 12% compared to the previous year. This was mainly due to the massive slump in plug-in hybrids, whose sales plummeted by a whopping 31%. In contrast, purely battery-electric vehicles grew by around 17%. The financial burden is immense. In the third quarter, net profit slumped by 33%. This margin pressure is the direct result of aggressive discount campaigns with which BYD and competitors such as Tesla and XPeng are fighting for every customer.

To compensate for slowing domestic growth, BYD is vehemently pushing ahead with internationalization. The passenger vehicle export business remains a significant pillar of support, with 83,524 units sold in October. BYD is expected to exceed the 1 million mark in vehicle exports for the full year 2025. To support this expansion, the Company is investing heavily in the establishment of international production facilities, for example, in Hungary, Thailand, and Brazil. This global offensive is necessary to gain market share in new markets, but at the same time, it poses further financial challenges for the Company due to the high investment costs.

The phase of unbridled growth has come to a halt for the time being. BYD is therefore pursuing a dual strategy: in the domestic market, where competition is becoming increasingly fierce, the Company is focusing on strict cost discipline. At the same time, it is pushing ahead with internationalization, which must be scalable. Everything now depends on the gross margin, which had already fallen to just 17.6% in the third quarter. This will be the decisive indicator of success. In the long term, BYD remains an important player and technological trendsetter. For investors, the attractiveness of the stock in the coming quarters will depend on whether the Company succeeds in stabilizing margins and making its international expansion profitable. The stock is currently trading at EUR 11.31.

Power Metallic Mines – Momentum in the Nisk project

Recent drilling at Power Metallic Mines' Nisk project has delivered significant progress. The summer program not only confirmed the extension of the Lion zone but also yielded technical learning successes. The PML-25-017 drill hole extended the zone to the west by 7 m at 1.41% copper equivalent, and upcoming high-powered drilling equipment is expected to boost efficiency in deeper exploration. The Company's fall program will further investigate this mineralized structure. This methodological approach underscores Power Metallic's systematic exploration and provides clarity on the project's growth potential.

Even more valuable are the results from the infill drilling, which are fundamental to the initial resource estimate. Particularly notable are high-grade intersections, such as 6.85 m at 13.15% copper equivalent. This excellent assay data confirms the consistent thickness and grades of the deposit, providing a solid foundation for the upcoming economic evaluation. The consistently high metal grades across various areas of the zone indicate a robust mineralization system. CEO Terry Lynch expressed his satisfaction: "...we have gained excellent insights that will guide our fall and winter drilling program. Furthermore, our highest-priority drill targets have not yet been drilled due to their proximity to ongoing land consolidation activities." The project now covers an area of 313 sq km.

The new claim rights on the Hydro property are particularly valuable as they encompass the extension of the Lion mineralization system. What makes the Nisk project stand out is its polymetallic nature within an established mining region. The combination of copper, nickel, and significant precious metals such as palladium and platinum provides a natural hedge against price fluctuations in individual metals. In addition, the strategic location in Québec ensures political stability and excellent infrastructure. This unique blend of geological potential and low political risk makes Nisk a remarkable project in the commodities sector. The share is currently trading at CAD 1.02.

Nordex – Strong quarterly figures and new tailwind

The figures from wind turbine manufacturer Nordex are encouraging. At around EUR 1.7 billion, revenue in the third quarter was on par with the previous year, while profitability increased significantly. EBITDA was EUR 136 million, almost double the previous year's figure. A margin of 8% underscores that efficiency efforts are paying off. In addition, Nordex generated a robust free cash flow of EUR 149 million, which underpins the Company's financial resilience and provides scope for future investments.

This positive development gives management enough confidence to revise its annual forecast upwards. Instead of the previously expected EBITDA margin of 5-7%, Nordex is now targeting 7.5-8.5%. At the same time, the project pipeline is growing strongly. Order intake also rose by around 25% to over 2,170 megawatts (MW). The latest major orders from November, such as a 68 MW project for EnBW in Lower Saxony and a 42 MW order for SSE in Spain, show that the trend remains intact. These orders consolidate capacity utilization and offer good visibility for the coming fiscal quarters.

The combination of rising profitability and a growing order backlog presents a coherent picture. Nordex is clearly benefiting from the momentum in the European wind market and appears to be managing its internal processes more effectively. Importantly for investors, this progress does not come at the expense of financial stability, as demonstrated by the Company's strengthened liquidity. Nordex is positioning itself not only as a beneficiary of the energy transition but also as a solid player with improved earnings power. The course for sustainable growth appears to be set. The share price is currently trading at EUR 28.00.

The energy transition is taking different paths. BYD is addressing falling margins through global expansion and price wars in its home market. Power Metallic Mines is supplying the urgently needed polymetallic raw materials for electromobility, supported by high-grade drilling at the Nisk project. Meanwhile, Nordex demonstrates the consolidation of wind power, with rising profitability and a growing order backlog.