Chinese electric vehicle maker BYD plans to double its overseas sales this year as it steps up competition with Elon Musk’s Tesla and other automakers, a top executive said Tuesday.
BYD Chairman Wang Chuanfu said that the company projects selling more than 800,000 vehicles outside China – up from 417,204 sold overseas in 2024.
Car buyers in Britain are “very open” to vehicles sold by BYD and other Chinese competitors, according to Wang, who said he expects a “substantial rise” in sales. The chairman also cited “great opportunities” in certain countries in Latina America and Southeast Asia that maintain friendly trade relations with China.
Wang’s remarks were made during a call with analysts on Tuesday. A transcript of the call was obtained by Reuters.
BYD’s product lineup includes a mix of fully electric vehicles and hybrids – the cheapest of which is available for less than $10,000. The company expects to sell 5.5 million vehicles this year.
The Chinese car maker is building manufacturing plants in Brazil, Turkey, Thailand and Hungary as part of its overseas expansion.
The international plans could spell trouble for Tesla, which had China and other international markets to drive growth in recent years. Musk’s firm has recently dealt with a sales slowdown in China, due in part to rising competition from Chinese EV rivals that has fueled a price war in the country.
Tesla’s global car deliveries sank year-over-year for the first time in 2024.
Earlier this week, BYD reported annual sales of $107 billion – outpacing Tesla’s $97.7 billion in revenue over the same period.
BYD further shook up the EV market earlier this month by unveiling a charging system that allows its latest models to go 250 miles on a charge of just five minutes.
BYD does not sell its vehicles in the US or Canada – both of which impose massive 100% tariffs on Chinese-made electric vehicles. Since taking office, Trump has imposed an additional 20% tariffs on Chinese imports – and warned of further action if a deal on trade terms isn’t struck.
Meanwhile, Wang said BYD has no immediate plans to sell its cars in the US and Canada and reportedly cited geopolitical tensions.
BYD will look to dodge the worst effects of tariffs by buying key EV components inside China and building vehicles in local markets, according to Wang.
Any attempt by BYD to expand manufacturing to North America would need approval from the Chinese government.
Earlier this month, The Financial Times reported that Beijing had delayed approval of a BYD plan to build a manufacturing plant in Mexico due to fears that its technology will leak to the US.
BYD has said the Mexico plant, which was first announced in 2023, could produce 150,000 cars per year.
With Post wires
