BYD aims to sell half of its vehicles outside China by 2030

SHANGHAI/LONDON: BYD, China’s leading automaker, plans to sell half of its vehicles outside China by 2030, a target that would challenge global automakers. This expansion will focus on Europe and Latin America, despite trade barriers preventing Chinese brands from entering the U.S. market.

BYD executives have shared this goal with investors, highlighting Europe’s importance. However, China still accounted for nearly 90% of the company’s sales last year.

BYD’s rapid growth in China, driven by affordable electric and hybrid vehicles, boosts its confidence in replicating that success abroad. The company now ranks just behind Ford and General Motors in global sales, up from fewer than 430,000 vehicles in 2020.

Achieving a 50/50 global sales split would position BYD alongside giants like Toyota. However, it will be challenging, especially without access to the U.S. market, according to industry experts. BYD will need to expand further into markets such as Germany, Japan, and India.

BYD’s broad lineup of electric and hybrid cars has helped it outpace Tesla in EV sales. But its early expansion in Europe has faced difficulties, though sales there grew dramatically in the first quarter of 2024.

The company is building new plants in Hungary, Turkey, and Brazil to support growth, and CEO Bill Russo compares BYD’s progress to Ford’s historic role in mass production.

BYD aims to meet its global target, but rising competition in China could pose a significant challenge.__ Reuters