China-based electric vehicle (EV) company BYD has set a target to double its overseas sales to over 800,000 units in this year, reported Reuters citing remarks by company chairman Wang Chuanfu to analysts on an earnings call.
The company plans to tackle tariffs by assembling vehicles locally and sees Britain as a key growth market due to its openness to competitive Chinese products.
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In 2024, BYD sold 417,204 units outside China and anticipates a “substantial rise” in UK market share.
Chuanfu was cited by the news agency as saying that the company is also eyeing rapid growth in Latin American and Southeast Asian countries, where there is a favourable attitude towards Chinese brands.
Chuanfu noted that to maintain a cost advantage amid potential tariffs on Chinese-made cars, BYD plans to source key components from China while assembling cars in local markets.
A BYD representative confirmed the sales target, reported the news agency.
The company is expanding globally, opening showrooms from Australia to Germany, as it seeks to escape intense competition in the domestic market.
Wang expressed that he expects a significant portion of BYD’s future profits to come from international markets.
BYD is building factories in Brazil, Thailand, Hungary, and Turkey, aiming to operate without local partners due to sufficient funding.
However, plans for entering the US and Canadian markets are on hold due to geopolitical tensions and existing tariffs.
BYD recently reported a 29% increase in annual revenue for the year ending 31 December 2024, driven by strong new energy vehicle sales, reaching 777bn yuan ($107bn), up from 602bn yuan the previous year.
