China’s largest automaker BYD is aiming to sell half of its vehicles outside its domestic market by 2030, as it accelerates global expansion in Europe and Latin America, four people familiar with the matter told Reuters.
The target, which has been communicated privately to investors in recent months, represents a major leap from current volumes and would position BYD among the world’s largest automakers by sales. Nearly 90% of BYD’s record 4.27 million vehicle sales in 2023 were in China.
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Executives have emphasized the importance of European market expansion to reach the 2030 goal, one of the sources said. “They have the right products to repeat their Chinese success in overseas markets,” another source familiar with the company’s investor discussions said.
If achieved, the 50% overseas sales target would elevate BYD into the ranks of global leaders such as Toyota Motor and Volkswagen AG, while intensifying pressure on rivals including Tesla, General Motors, and Ford. BYD overtook Volkswagen last year to become the top-selling automaker in China, the world’s largest car market.
BYD’s global vehicle sales have grown sharply from fewer than 430,000 units in 2020 to just behind Ford and General Motors in 2024. Consultancy Sino Auto Insights forecasts BYD will sell around 5 million vehicles this year, with 80% of those still in China.
Industry analysts say the company’s rapid domestic growth, built on a lineup of cost-effective electric vehicles and hybrids, is fueling its international ambitions. “It will be pretty challenging to reach that goal without access to the U.S. market,” said Tu Le, founder of Sino Auto Insights.
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BYD and other Chinese automakers are effectively locked out of the United States due to steep tariffs and forthcoming restrictions on Chinese EV hardware and software. In Europe, the company faces import duties as the European Union reviews subsidy-related trade practices, though discussions are underway that could ease those measures.
To support its expansion, BYD is investing in local production. It opened an assembly plant in Thailand in 2023, has another under construction in Brazil, and plans to begin operations in Hungary this year, followed by Turkey in 2025. A third European site is under consideration.