- BYD‘s overseas sales target for 2026 is 1.5-1.6 million vehicles, with growth primarily driven by new model launches, Citi said.
- Europe, North America, and ASEAN are each expected to account for one-third of BYD’s total overseas sales in 2025.
BYD (OTCMKTS: BYDDY) aims to sell up to 1.6 million vehicles overseas in 2026, with high double-digit growth from 2025, Citi said in a report released today.
Citing a meeting with BYD management, the Citi report indicated the automaker’s 2026 overseas sales guidance ranges from 1.5 million to 1.6 million units, according to a Reuters report today.
This surpasses the projected 2025 overseas sales of 900,000 to 1 million units, with growth primarily driven by new model launches, Citi’s report said.
BYD’s overseas sales structure is balanced across regions, with Europe, North America, and ASEAN each accounting for one-third of total overseas sales in 2025, the report noted.
BYD management expects capital expenditures to decline in the fourth quarter compared to the previous quarter, with a significant drop anticipated in 2026, «considering vehicle and battery production capacity should be able to meet demand.»
Citi did not mention BYD’s overall sales target for 2026. BYD had lowered its 2025 sales target by 16 percent to 4.6 million units due to domestic sales declines in recent months, Reuters said, repeating what was mentioned in a previous report.
Two investor relations meeting minutes released today on the Shenzhen Stock Exchange show BYD hosted 115 attendees including Citi analyst Jeff Chung on the morning of November 6, and 150 attendees including Goldman Sachs analyst Tina Hou in the afternoon.
BYD sold 441,706 vehicles in October, marking a 12.13 percent year-on-year decline — the second consecutive monthly drop — though sales rose 11.47 percent from September.
From January to October, BYD sold 3,701,852 vehicles, reflecting a 13.88 percent year-on-year increase.
The company sold 780,976 vehicles overseas from January to October, a 137.33 percent year-on-year increase.
