Korean media: Overseas sales target of BYD revealed! Double that of last year!
On April 17, a South Korean media outlet, the Global Economy, reported that China's leading electric vehicle giant BYD has set a goal to double its sales outside of China and exceed 800,000 units by 2025.
According to Reuters, BYD sold 417,204 vehicles overseas last year. It is expected that its market share in the UK will "grow significantly" as the UK holds a "very open" attitude towards competitive Chinese products.
BYD Chairman Wang Chuanfu said there are "good opportunities for rapid growth" in Latin America and Southeast Asia. He explained that the governments and people of these regions are friendly towards Chinese brands.
He also mentioned that BYD plans to maintain its cost advantage by procuring key components in China and assembling cars locally in the market.
BYD is leading the overseas expansion of Chinese automakers and opening showrooms in various markets from Australia to Germany to escape intense domestic price competition.
Wang Chuanfu once stated last year that BYD expects exports to help enhance profitability. During a conference call, he said it is expected that "at some point" most of BYD's profits will come from overseas markets. However, the specific time frame was not disclosed.
BYD plans to build factories overseas with its strong financial strength. It is currently building a factory in Brazil, its largest market outside of China, while also constructing factories in Thailand, Hungary, and Turkey.
In the meantime, Wang Chuanfu said that due to geopolitical situations, BYD has no plans to sell in Canada and the US in the short term. This is because the Trump administration, like Canada, imposes a 100% tariff on Chinese electric vehicles.
Wang Chuanfu expressed confidence that when BYD reaches the scale of Japanese automakers, its profit margin per vehicle will surpass Toyota. He emphasized that BYD has good cost control. Toyota, the world's largest automaker, sold 10.8 million vehicles in 2024, while BYD sold 4.27 million vehicles.
BYD's sales target this year is 5.5 million units. It has launched low-priced models, including the entry-level Seagull hatchback priced at less than $10,000, which has caused a sensation in the Chinese car market. Additionally, most product lines offer free intelligent driving functions.
Original source: https://www.toutiao.com/article/1829615478969356/
Disclaimer: The article represents the author's personal views only.