Automundo China

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.

The EV maker is targeting growth in Latin America, Southeast Asia, and the UK while ramping up local production

STORY: China's BYD has big ambitions according to their chairman this week.The electric vehicles giant aims to double its sales outside China to more than 800,000 cars this year.It will also try to overcome tariffs by assembling cars locally.BYD sold just over 417,000 units overseas last year.A transcript of his call showed chairman Wang Chuanfu said the automaker expects to see "a substantial rise" in its market share in Britain.He argued the country is "very open" to competitive Chinese products.The company also sees "great opportunities" to grow rapidly in Latin American and Southeast Asian countries.He added BYD plans to keep its cost advantage through buying key components from China and assembling the vehicles in local markets.It comes with governments abroad weighing or levying tariffs against Chinese-made cars.Wang told analysts he expected to see the majority of BYD's profits coming from overseas markets "at a certain stage."He didn't specify the timing for that to be achieved.

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BYD Aims for Global Expansion with 800K Overseas Sales Goal

BYD reported a 29% jump in sales from the previous year on deliveries of 4.27 million cars. By comparison, Tesla’s 2024 revenue was USD 97.7 billion

Chinese car company BYD is moving to increase sales in countries like Britain, amid a decline in Tesla's sales and reputation.

Tesla faces a litany of issues in China, including slumping sales and being outpaced on tech advances by Chinese rivals like BYD.