BYD Aims to Sell Half of Its Output in Global Markets

China’s top automaker, BYD, has been telling investors since late last year that it aims for half of its sales to come from international markets by 2030.

Achieving its goal of 50% international sales could place BYD in direct competition with global leaders like Volkswagen (No. 2) and Toyota (No. 1). I Photo: BYD

The plan follows a meteoric rise: BYD’s sales jumped from about 420,000 vehicles in 2020 to 4.2 million in 2024, Nick Carey reported for Reuters. That explosive growth catapulted BYD from relative obscurity to become the world’s seventh-largest automaker by sales.

Last year, approximately 90% of BYD’s sales were within China, so achieving its goal of 50% international sales could place it in direct competition with global leaders like Volkswagen (No. 2) and Toyota (No. 1).

How legacy automakers respond to the threat from BYD’s electric vehicles and plug-in hybrids will be critical.

While BYD has a strong grasp on Chinese consumer preferences, it remains to be seen how well it will perform in competitive overseas markets such as Europe. The target may also prove challenging, as, like many Chinese carmakers, BYD is currently shut out of the U.S. car market.