BYD aims to sell between 1.5 million and 1.6 million vehicles in overseas markets in 2026, according to a report from Citi that cited a recent meeting with the Chinese automaker’s management.
The target represents strong double-digit growth from BYD’s expected 2025 overseas sales of 900,000 to 1 million units, Citi said in the report, as quoted by Reuters. The expansion will be largely driven by the introduction of new models across global markets.
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Citi noted that BYD’s overseas sales are becoming more regionally balanced, with Europe, North America, and the ASEAN region each projected to account for roughly one-third of total exports in 2025.
The report also stated that BYD expects its capital expenditures to decline in the fourth quarter of 2025 compared with the previous quarter, with a further drop anticipated in 2026. Management reportedly said the company’s existing vehicle and battery production capacity should be sufficient to meet demand next year.
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Citi did not disclose BYD’s overall global sales target for 2026. Reuters previously reported that BYD had lowered its 2025 sales goal by 16 percent to 4.6 million units due to a slowdown in domestic demand in recent months.
Investor relations meeting minutes published on the Shenzhen Stock Exchange on November 12 show that BYD hosted two sessions on November 6 — one attended by 115 participants, including Citi analyst Jeff Chung, and another with 150 attendees, including Goldman Sachs analyst Tina Hou.