- BYD is aiming for half of its total car sales to come from markets outside of China, by 2030.
- So far this year, approximately 14% of BYD’s total sales have come from outside China
- A large proportion of these come from pure EV models, particularly in the European market, where the Atto 3 hatchback is its best selling model.
BYD sets ambitious goals for global growth
The announcement was made by BYD’s Executive Vice President, Stella Li, in an interview with Bloomberg, stating that ‘nearly half’ of its total sales will come from overseas markets. Whilst Li didn’t put a specific timeframe for the goal to be achieved, Bloomberg analyst Joanna Chen believes that BYD will hit that percentage by 2030, or later.
The goal comes as BYD faces both opportunities and hurdles. BYD is set to overtake Tesla in global sales by the end of the year, and its consumer visibility within Europe has grown massively, thanks to its sponsorship of the recent EURO 2024 football championship. Additionally, whilst BYD has been subject to recently implemented European Tariffs, it has faced the lowest of any of China’s big three EV manufacturers: 17.4%, compared to Geely’s 19.9% and SAIC’s 37.6%. It is also eyeing up a Mexican production facility, to bring EVs to the South American region.
On the other hand, recent 100% import tariffs imposed by both the US and Canada on EVs produced within China have also created a headache for any plans BYD had to move into the two North American countries. The manufacturer was exploring the possibility of a Canadian EV debut, only weeks ago. However, there are still ways for the manufacturer to launch in these countries. Its proposed Mexico EV factory could, in theory, produce EVs for the North American market without being subject to the financially-prohibitive 100% tariffs currently in place. Whether BYD decides to go down such a path, its global sales figures over the coming months and years will be crucial to seeing if BYD can realise its goal of 50% overseas sales.
