BYD seeks to double 2025 EV sales outside China: Reuters
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The news: Chinese electric vehicle maker BYD wants to double its sales outside of China in 2025 to over 800,000 units, and will circumvent tariffs by building cars in local markets, according to a call transcript seen by Reuters.
The numbers: BYD, which sold 417,204 units overseas in 2024, plans to double the figure this year, and is targeting overall sales of 5.5 million. The carmaker is known for its affordability, with its entry-level hatchback model, the Seagull, available for less than USD10,000 ($15,831).
BYD's annual sales climbed to USD107 billion last year, beating out Elon Musk's Tesla at USD98 billion.
The context: In an earnings call on Tuesday, BYD chairman Wang Chuanfu told analysts that the company expects to see a “substantial rise” in its market share in Britain, which is “very open” to competitive Chinese products. The transcript furthers that the company sees large growth opportunities across LATAM and Southeast Asia, where governments have been more welcoming toward Chinese brands.
The target to double overseas sales was confirmed by a BYD spokesperson, and builds on the carmaker’s strong 2025 momentum which saw the firm announce that its new charging system could add 470km of range in just five minutes earlier in March. The breakthrough, which could challenge Tesla and other rivals, is set to roll out in two SUV models from April, supported by 4,000 ultra-fast chargers across China.
BYD’s sales bid come as carmakers across the globe try to prepare for US President Donald Trump’s incoming tariffs which threaten automotive supply chains. In the transcript seen by Reuters, Wang said the company plans to keep its cost advantage by purchasing key components from China and assembling the vehicles in local markets.
He added that the company does not have plans to sell into Canada or US in the short term due to geopolitical developments. The Trump administration has maintained duties of 100% on Chinese-made EVs, as has Canada.
The sources: Reuters, Financial Times
