BYD, the world’s new energy vehicle (NEV) best-seller, plans for half of its total sales to come from international markets by the year 2030, Reuters reported on Thursday.
The target was outlined to investors with the European and the Latin America markets playing a major role in the plan.
Citing sources, the report said BYD’s confidence stems from its explosive growth in China over the past five years on the strength of affordable EVs and hybrids.
The company set a global goal of 5.5 million vehicle sales for this year, including 800,000 units overseas. With more than 1 million vehicles sold worldwide in the first four months, 25% of the guidance has been completed.
In April, BYD delivered 380,089 vehicles, of which 51.5% were fully electric. Battery electric (BEV) models outsold hybrids for the first time ever. Deliveries rose both sequentially and year over year.
The group’s overseas sales reached a new record with over 78,000 vehicles — the figures nearly doubled year over year. Last month, one out of five cars delivered by the brand were exports.
Year to date, overseas sales represent 28.5% — which means nearly three out of ten vehicles are sold to international markets.
Global Expansion
The brand is not yet present in the United States, as Chinese companies have been facing exceptionally high tariffs on China-made vehices. Last year, the Biden Administration quadrupled the duties on battery electric vehicles to 100% with U.S. President Donald Trump further increasing tariffs across several Chinese goods as the trade war continues.
However, the group has expanded to various markets in South America, with its factory in Brazil starting production in June. The plant will manufacture around 150,000 vehicles per year.
Last week, the world’s largest car carrier ship, the BYD ‘Shenzhen’, departed from China, setting sail to Brazil. It carries over 7,000 NEVs and it is expected to reach the Itajai Port in about four weeks.
