BYD aims to double overseas sales to 800,000 in 2025, says chairman

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.