The Chinese giant of electric vehicles by 1211.HK aspires to double its sales outside of China Until over 800,000 cars in 2025 and will try to avoid tariffs assembling cars locally, its president told analysts at a conference on results on Tuesday.
Byd, who sold 417,204 units abroad in 2024, hopes to see “a substantial increase” of his Market share in the United Kingdom, which is “very open” to competitive Chinese products, according to a transcription of the call of Wang Chuanfu reviewed by Reuters.
The company also sees “great opportunities” To grow rapidly in Latin American and Southeast Asian countries, where governments and people are friendly with Chinese brandssaid.
With governments from other countries weighing or imposing tariffs against cars made in China, Byd plans to maintain its cost advantage by buying key components in China and assembling vehicles in local markets, added Wangwithout specifying which countries he was referring to.
A ByD representative confirmed the objective of duplicating sales abroad up to 800,000 units this year, But he did not respond to a request for comments about the rest of Wang’s statements.
Byd leads the impulse of Chinese automotive abroad, with the opening of exposure rooms In markets that range from Australia to Germany, while looking for a respite from a brutal price war in the country.
Wang said last year that Byd expects exports to help underpin profitability. During Tuesday’s meeting he told analysts that he expected to see most of the benefits of Byd from overseas markets “at a certain stage.” He did not specify at what time.
The company will continue to build Factories abroad without partners, since it has abundant financingWang added.
Byd is currently building a factory in Brazil, its largest market outside of China, although development was affected Last year for accusations of labor abuses. The manufacturer is also building factories in Thailand, Hungary and Türkiye.
In addition, Wang said that Byd had no plans to sell in Canada and the United States in the short term due to geopolitical events. The government of President Donald Trump has maintained 100% tariffs on electric vehicles made in China, just like Canada.
Wang told analysts that he was confident that BYD’s profitability would exceed Toyota When the Japanese manufacturer’s scale reaches, stating that byd cost control is better.
Toyota 7203.T, the world’s first automotive for sales, He sold 10.8 million vehicles in 2024, while Byd sold 4.27 million.
Byd, which aspires to sell 5.5 million units this year, has agitated the Chinese automotive market with the launch of more affordable models, such as Seagull, A basic electric sports utility that is sold for less than US $ 10,000. It also offers intelligent driving functions at no additional cost in most models.
Byd plans to expand the equipment working in smart software and components such as semiconductors up to 8,000 people from the current 5,000, Wang said, without giving a calendar.
It also intends to carry its affordable smart driving technologies to the world market in 2026 or 2027 and plans to send more employees abroad to manage the planhe added.
