BYD believes that its overseas market will account for 50% of its global sales in the future after posting strong Q2 2024 results.
“Our overseas market will account for a relatively large proportion of our global sales in the future,” said BYD’s Executive Vice President Stella Li recently.
According to Bloomberg, Li later clarified that she predicts BYD’s overseas market would account for “nearly half” of the company’s total sales in the future. The Chinese automaker has been making big moves this year to expand globally. For instance, it entered the South American market with its BYD Shark pickup in Mexico. BYD is reportedly searching for production sites in Mexico.
Meanwhile, BYD Europe aims to triple its market in the region by 2025. It hopes to beat big names in the European market, including Tesla and Volkswagen. BYD Europe is on the right path, receiving one of the lowest individual duty rates of 17% from the Commission’s new tariffs on China-made EV imports. The maximum rate has been set to 36.3%.
The Chinese automaker has also set its eyes on Canada, despite the country’s 100% tariffs on China-made EV imports.
BYD posted a 40% year-over-year (YOY) increase in electric and plug-in hybrid sales in the second quarter. The Chinese automaker performed well in Q2 2024, reported a 33% jump in net income to $1.3 billion. It also reported a revenue increase of 26% to $24 billion.
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