Chinese electric vehicle manufacturer BYD is targeting a significant expansion in international markets, aiming to double its overseas sales to over 800,000 units in 2025.
The company, which sold 417,204 vehicles outside China last year, expects substantial growth in Britain, Latin America, and Southeast Asia, Chairman Wang Chuanfu told analysts on an earnings call.
To counter rising tariffs on Chinese-made cars, BYD plans to maintain cost advantages by sourcing key components from China while assembling vehicles in local markets. The company has not disclosed specific countries where it will implement this strategy.
A BYD representative confirmed the sales target but declined to comment on other details from Wang’s remarks.
As Chinese automakers push into global markets, BYD is expanding its presence by opening showrooms across Australia, Germany, and other key regions. The company is also investing heavily in international production, constructing factories in Brazil, Thailand, Hungary, and Turkey.
While Brazil remains BYD’s largest market outside China, its factory development there faced setbacks last year due to labor-related allegations.
Wang stated that BYD has no immediate plans to enter the U.S. or Canadian markets due to ongoing geopolitical tensions. The Trump administration has upheld a 100% tariff on Chinese-made EVs, a policy mirrored by Canada.
BYD remains focused on strengthening profitability, with Wang expressing confidence that the company’s profit per vehicle will eventually surpass Toyota’s as it scales. Toyota, the world’s largest automaker, sold 10.8 million vehicles in 2024, compared to BYD’s 4.27 million.
The Chinese automaker is targeting 5.5 million sales in 2025, driven in part by its aggressive pricing strategy and feature-rich models, such as the entry-level Seagull EV, priced under $10,000.
Additionally, BYD plans to expand its software and semiconductor development team from 5,000 to 8,000 employees to enhance its intelligent driving capabilities. The company aims to introduce its smart driving technologies to global markets by 2026 or 2027, with more personnel stationed overseas to oversee the rollout.
