BYD, China’s top electric vehicle maker, is hoping that new car models will boost its sales abroad to over 1.5 million vehicles in 2026.
The group is aiming to expand its sales overseas with high double-digit growth from 2025, according to a report by Citi, the US investment bank, on Tuesday.
Overseas sales guidance of 1.5 million to 1.6 million vehicles is up from an expected 900,000 to 1 million vehicles sold outside China this year, “with growth driven by new model launches,” the Citi note said, citing a meeting with BYD management on Tuesday.
ALSO SEE: SoftBank Q2 Profit Soars on OpenAI Bet, Sale of Nvidia Shares
BYD’s “overseas sales mix is balanced across different regions, with Europe, North America and ASEAN [Southeast Asia] accounting for one-third of total 2025 overseas sales respectively,” according to Citi.
BYD management also expects a decline in capital expenditure in the fourth quarter from the previous quarter, followed by a significant decline in 2026, “considering vehicle and battery production capacity should be able to meet demand,” the report said.
BYD didn’t immediately respond to a request for comment.
Citi didn’t mention an overall BYD sales target for 2026. The automaker reduced the 2025 target by 16% to 4.6 million vehicles after its sales at home fell in recent months.
BYD, which last month reported its biggest quarterly profit fall in over four years, has shipped about 20% of total vehicles overseas so far this year, double the level shipped abroad in 2024.
BYD is facing stiffer competition in China from local rivals such as Geely and Leapmotor in the budget car segment.
BYD has built at least eight mega factories across China in the past five years. The company has been building overseas factories for local assembly in countries such as Hungary and Brazil and it plans a third plant for Europe, with Spain the top candidate, Reuters has reported previously.
- Reuters with additional editing by Jim Pollard
ALSO SEE:
Chinese EV Firms Invest More Abroad Than At Home For First Time
BYD Cuts Production 2 Months In A Row For First Time In 5 Years
Chinese EV Firms Are So Done With BYD
Flood of Cheap Chinese EVs in Brazil Sparks a Backlash
China Carmakers Told to Explain Sales of ‘Zero-Mileage Used Cars’
China’s Intense EV Price War Taking a Toll on Car Dealers
BYD’s Big Gains Give Chinese EV Rivals a Giant Headache
BYD to Offer Tesla-Like Self-Driving Tech in All Models For Free
BYD Promises Driving Range of Over 2000km With New Hybrid Tech
Local Officials in China Backed Export of ‘Zero-Mileage Used Cars’
