Chinese electric vehicle maker BYD, the world’s largest NEV manufacturer by sales, expects strong overseas demand to bolster profitability this year as the company ramps up exports and accelerates its global footprint, its chairman said on Friday.
At the company’s annual shareholders’ meeting, BYD Chairman and President Wang Chuanfu said overseas sales are likely to remain on an upward trajectory, supported by stable pricing strategies and growing international market presence. “Overseas sales last month were about 90,000 units, and this year’s data is expected to be very robust,” Wang told shareholders.
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The company’s overseas prices have stayed relatively steady despite intensifying global competition, a factor Wang credited for supporting margins. “Our pricing in overseas markets remains relatively stable, which has significantly contributed to the company’s profitability,” he said.
In May, BYD recorded 89,047 vehicle exports — a sixth consecutive monthly record — according to CnEVPost data, up 137.5% year-on-year. Overseas units accounted for 23.3% of the company’s total monthly NEV sales of 382,476. Cumulative overseas NEV deliveries from January to May reached 374,217 units, marking a 112.1% rise over the same period last year.
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Looking ahead, BYD plans to deepen its global investment with a focus on localized production to seize what Wang called the “golden period” of global transition from gasoline-powered cars to electric vehicles. The company is building passenger car factories in several overseas markets to reduce reliance on exports from China.
Currently, the bulk of BYD’s international sales are supported by its in-house maritime logistics operation. The company has quickly expanded its car carrier fleet over the past year, with the fifth and sixth vessels — BYD Changsha and BYD Xi’an — entering sea trials and expected to begin operations soon.
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Wang reaffirmed BYD’s target of selling 5.5 million vehicles globally in 2025, including over 800,000 units from international markets.