BYD Company (BYDDF, Financials) is planning to double its overseas auto sales to more than 800,000 units in 2025, as the Chinese electric vehicle maker looks to offset domestic competition and rising U.S. trade barriers, the company said in an announcement this week.
The expansion plan, according to BYD Chairman Wang Chuanfu, would give Latin America, Southeast Asia, and the United Kingdom top priority; the U.K. will be highlighted as a main market given no import taxes. BYD is building car assembly factories in Brazil, Thailand, Hungary, and Turkey to help reduce tariff exposure even further. Aiming to lower logistical expenses and legal obstacles, the firm would send local assembly parts from China.Still BYD’s most popular model outside China, the Dolphin Mini electric car sells for 69,800 yuan ($9,700).The company’s worldwide goals come after a good financial performance in 2024. Driven by increasing need for its battery electric and hybrid vehicles, BYD’s yearly income exceeded Tesla’s by $9.3 billion. Net profit increased 34% year over year.Including the 800,000 projected from foreign markets, BYD aims total vehicle sales for 2025 at 5.5 million units. In 2024, Tesla sold 1.8 million units.
This article first appeared on GuruFocus.