Chinese electric car maker BYD is planning to double its overseas sales this year to strengthen competition with Elon Musk's Tesla and other automakers, the top executive said Tuesday.
BYD Chairman Wang Chuanfu said the company is a project selling more than 800,000 vehicles outside of China, up from 417,204 sold overseas in 2024.
British car buyers are “very open” to vehicles sold by BYD and other Chinese competitors. He said he expects a “significant increase” in sales. The chairman also cited “great opportunities” in certain countries in Latin America and Southeast Asia that maintain friendly trade ties with China.
Wang's comments came in a call with an analyst on Tuesday. That's what the call transcript was Retrieved by Reuters.
BYD's product lineup includes a complete mix of electric vehicles and hybrids. The cheapest ones are available for under $10,000. The company plans to sell 5.5 million vehicles this year.
As part of its overseas expansion, Chinese automakers are building manufacturing plants in Brazil, Türkiye, Thailand and Hungary.
International plans could spell trouble for Tesla, which had had China and other international markets to promote growth in recent years. The mask company has recently handled slowing sales in China, partly due to increased competition from China's EV rivals, which have driven the country's price war.
Tesla's global car delivery first sank year-over-year in 2024.
Earlier this week, BYD reported annual revenue of $107 billion. That surpassed Tesla's $97.7 billion revenues over the same period.
BYD further shook the EV market earlier this month by unveiling a charging system that allows the latest model to reach 250 miles in just five minutes.
BYD does not sell vehicles in the US or Canada. Both impose 100% tariffs on Chinese-made electric vehicles. Since taking office, Trump has imposed an additional 20% tariff on Chinese imports, warning of further action if no trade terms were to occur.
Meanwhile, Wang said BYD had no immediate plans to sell cars in the US and Canada, reportedly citing geopolitical tensions.
According to Wang, BYD will consider dodging the worst effects of tariffs by purchasing major EV components within China and building vehicles in local markets.
BYD's attempt to expand manufacturing to North America requires approval from the Chinese government.
Earlier this month, Financial Times reported Beijing had delayed approval of its BYD plan to build a manufacturing plant in Mexico because it feared its technology would leak to the US.
BYD says the Mexican plant, first announced in 2023, can produce 150,000 cars a year.
With post wire
