BYD is on a mission to expand its presence in overseas markets, aiming to sell half of its cars outside of China by 2030. This ambitious goal, as reported by Reuters, would position BYD alongside global giants like Toyota and Volkswagen.
The Chinese automaker has been experiencing rapid growth in its home market over the past few years, thanks to its affordable electric and hybrid vehicles. BYD sold a staggering 4.27 million vehicles in 2024, with nearly 90 percent of sales coming from China.
BYD’s confidence in replicating its success in overseas markets stems from the explosive growth it has witnessed in the Chinese market. The company believes it now has the right products to appeal to international customers.
In a strategic move, BYD ceased production and sales of cars powered solely by internal combustion engines in March 2022, shifting its focus to producing plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). This decision has proven successful, as evidenced by the company’s impressive sales figures.
For the full year of 2024, BYD sold over 4.2 million new energy vehicles (NEVs), with a significant portion of sales coming from overseas markets. The company’s NEV sales have been steadily increasing, reflecting the growing demand for electric vehicles globally.
BYD’s chairman and president, Wang Chuanfu, announced a bold sales target of 5.5 million units for 2025, including over 800,000 units in overseas markets. This target represents a substantial increase from the previous year and underscores BYD’s commitment to expanding its international footprint.
With four automotive brands under its umbrella, including BYD, Denza, Yangwang, and Fang Cheng Bao, BYD is well-positioned to capitalize on the growing demand for electric vehicles worldwide. The company’s recent maiden ocean voyage with over 7,000 NEVs bound for Brazil is a testament to its commitment to overseas expansion.
BYD’s growth trajectory in overseas markets is sure to attract attention from industry players and consumers alike. As the company continues to innovate and expand its product offerings, it is poised to become a major player in the global automotive industry.
