BYD Targets Massive Overseas Surge, Forecasting Over 20% of Global Sales from Exports This Year

Chinese electric vehicle (EV) powerhouse BYD Co. is placing a major bet on international expansion, forecasting that its exports will constitute approximately 20% of its total global deliveries this year. This aggressive push is being spurred by the rollout of new models and enhanced logistical support, including the company's own fleet of car-carrier ships.

Li Yunfei, BYD's General Manager of Branding and Public Relations, projects between 800,000 and 1 million vehicles will be delivered outside mainland China in 2025. This forecast is set against a revised total sales target of 4.6 million units for the year, a figure that was reportedly cut by up to 16% from prior goals and signifies the company's slowest annual growth in the past five years. This marks a significant jump from 2024, when sales outside the mainland accounted for less than 10% of BYD's total 4.26 million deliveries. Li Yunfei indicated that overseas deliveries will increasingly contribute in the coming years, with the company's own fleet of 8 car-carrier ships supporting this effort.

The drive for international sales comes as the world's largest EV builder seeks to enhance profitability amid intense domestic competition in China. BYD plans to introduce all of its China-developed cars to international buyers and is moving to expand its global footprint. In Europe, the company plans to double its showrooms to 2,000 by 2026 and establish a local supply chain, with a new assembly plant in Hungary, having an annual capacity of 150,000 units, starting production early next year. Overseas sales showcased strong momentum in the second quarter, jumping 145% from a year earlier to 258,182 units, making up 22.5% of the total in the three months to June.

Despite this global ambition, the automaker has struggled in markets like Japan, selling just 5,300 vehicles between January 2023 and June this year. To boost sales, the company has offered discounts of up to 1 million yen, with a risk of backlash in a market where rivals rarely cut prices. In June, BYD sold 512 units in Japan, significantly trailing the 1,137 units sold by Nissan's Sakura. Domestically, the Chinese EV sector has drawn tighter oversight from authorities following an escalating discount war, prompting major companies to reduce deep discounts after warnings from the Ministry of Industry and Information Technology on May 31. Li Yunfei commented that new guidelines on the industry's future direction are needed.