China’s leading electric vehicle (EV) maker, BYD, is making significant strides in overseas markets, with the opening of its first store in the Caribbean signaling an aggressive global expansion strategy. The company aims to enter ten new markets by the end of the year as it continues to gain traction internationally.
BYD’s recent sales performance underscores its growing presence in the EV market. In May, the company achieved its second-highest sales month ever, selling 331,817 new energy vehicles (EVs and PHEVs), representing a 38% year-over-year increase. Nearly 146,400 of these were fully electric vehicles. So far this year, BYD has sold 580,974 all-electric vehicles, up 19% from the same period last year.
The surge in EV sales can be attributed to price cuts and the introduction of new lower-priced models earlier this year. The BYD Seagull EV Honor Edition, the company’s cheapest electric car, starts at just $9,700 (69,800 yuan) in China and is already making its way to overseas markets like Brazil and Mexico.
In Brazil, the Seagull EV, known as the “Dolphin Mini,” starts at around $20,000 (99,800 BRL) and offers up to 236 miles (390 km) of NEDC range. In Mexico, it is priced at $19,780 (358,800 pesos). BYD plans to launch the Seagull (Dolphin Mini) in Europe next year, aiming to offer one of the most affordable EVs on the market with a price tag of less than 20,000 euros ($21,500).
Despite potential tariffs, BYD remains optimistic about its European prospects, with plans to open two plants in the region. The company expects minimal impact from potential tariffs on EVs made in China.
BYD’s expansion into the Caribbean marks a significant milestone in its global strategy. The company recently announced the opening of its first dealership in the region, located in Port of Spain, the capital of Trinidad and Tobago. BYD plans to further expand its presence in the Caribbean and aims to enter 10 more countries by the end of 2024, including Jamaica, Barbados, and the Cayman Islands.
In addition to its success in Brazil, BYD is making waves in Mexico with the launch of its first pickup, the Shark PHEV, which starts at 899,980 pesos ($53,400). The Shark PHEV boasts a 29.58 kWh BYD Blade battery, offering 100 km (62 mi) of all-electric NEDC range and a combined range of 840 km (522 mi).
BYD’s expansion efforts extend beyond pickups to include mid-size SUVs. The new Sea Lion 07, priced at just 189,800 yuan ($26,250) in China, is set to compete with Tesla’s popular Model Y.
