From Yahoo Finance: 2025-03-26 03:23:00

Chinese electric vehicle giant BYD aims to double its sales outside China to over 800,000 cars in 2025, focusing on markets like Britain. The company plans to overcome tariffs by assembling cars locally, maintaining a cost advantage by purchasing key components from China. BYD is leading a push by Chinese automakers to expand overseas.

BYD sees “great opportunities” for growth in Latin American and Southeast Asian countries, where the governments and people are friendly towards Chinese brands. The company plans to continue building factories overseas without partners, with funding in abundance. BYD is currently building factories in Brazil, Thailand, Hungary, and Turkey.

BYD has no immediate plans to sell into Canada and the United States due to geopolitical developments, including high duties imposed by the Trump administration. The company aims to increase profitability per vehicle and exceed Toyota’s when reaching a similar scale, highlighting better cost control. Toyota sold 10.8 million vehicles in 2024 compared to BYD’s 4.27 million.

BYD is targeting sales of 5.5 million units this year and has disrupted the Chinese auto market with affordable models like the Seagull electric hatchback priced under $10,000. The company also offers smart driving features at no extra charge. BYD plans to expand its team working on intelligent software and components like semiconductors, aiming to bring affordable smart driving technologies to the global market by 2026 or 2027.

Read more: BYD aims to double overseas sales to 800,000 in 2025, chairman tells analysts