Key facts
- BYD aims to sell nearly 2 million vehicles overseas in 2026.
- BYD targets over 2.5 million overseas sales for 2027.
- The company's international growth is supported by a larger shipping fleet and increased overseas manufacturing.
- BYD's Hungary plant is expected to begin assembly in November or December.
- Local production is intended to help BYD avoid import tariffs and offset ramp costs.
Chinese electric vehicle maker BYD is projecting significant international expansion, with targets of nearly 2 million overseas sales in 2026 and over 2.5 million in 2027. This ambitious growth plan is supported by an expanding fleet of dedicated car carriers and a growing local manufacturing footprint, according to two major brokerages citing company management.
Deutsche Bank reported that BYD management guided overseas shipments to reach 1.9 million to 2 million vehicles in 2026, nearly double last year's level. Management indicated that shipping constraints had limited overseas sales this year and that export volumes could otherwise have been higher. The company's Hungary plant is expected to start assembly in November or December, and BYD is evaluating additional overseas manufacturing locations.
Local production is seen as crucial for BYD to avoid tariffs, such as the EU's approximately 27% on battery electric vehicles and Brazil's 34% import tariff. Citi noted that these savings could exceed 40,000 yuan per vehicle, offsetting ramp-up costs. BYD also plans to build 90,000 flash-charging stations by 2028. The company is targeting a 25% share of China's domestic car market, having already increased its share to 18% in July from 8% at the start of the year.