Chinese electric vehicle maker BYD aims to double its overseas sales to more than 800,000 units in 2025, Chairman Wang Chuanfu told analysts during an earnings call on Tuesday. The company sold 417,204 units abroad in 2024 and is seeking growth in markets such as the UK, Latin America, and Southeast Asia, where receptivity to Chinese brands remains strong.
To navigate rising international tariffs on Chinese-made cars, BYD plans to maintain its cost advantage by sourcing key components from China and assembling vehicles in local markets. Although Wang did not specify the countries, he confirmed the company’s strategy includes building overseas factories without partners due to sufficient financial resources.
BYD is currently constructing plants in Brazil—its largest overseas market—as well as in Thailand, Hungary, and Turkey. Despite these efforts, Wang clarified that the company has no immediate plans to enter the Canadian or U.S. markets due to geopolitical factors and high tariffs, including a 100% duty maintained by the U.S.
Wang expressed confidence that BYD’s profitability per vehicle could surpass Toyota’s once it reaches comparable production scale, citing superior cost control. In 2024, Toyota sold 10.8 million vehicles, while BYD delivered 4.27 million, and aims for 5.5 million in 2025.
The company also plans to expand its intelligent software and semiconductor teams from 5,000 to 8,000 employees and is preparing to take its affordable smart driving technology to global markets by 2026 or 2027, with more personnel being deployed overseas to support the initiative.
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