BYD Co’s exports and overseas sales rose 65% in March, driven by surging oil prices from the Iran conflict, which boosted demand for electric vehicles (EVs). However, the automaker continues to face challenges in the domestic Chinese market.
Sales of BYD Co’s vehicles outside China hit 120,083 units in March, the highest in three months as high energy costs support demand for electric vehicles.
Sales outside China reached 120,083 units in March, the highest in three months. Despite the overseas gains, total deliveries fell about 20%, marking a seventh consecutive month of decline. Still, BYD reclaimed its lead over Geely Automobile Holdings Ltd, which had outsold BYD in January and February.
The data highlights the hurdles for BYD, which is relying on international expansion to offset slowing domestic demand and profits. Efforts to stimulate China sales through advanced batteries and ultra-fast charging have yet to fully sway consumers, especially after EV subsidies were reduced.
March showrooms across Asia suggested a temporary lift for BYD abroad as rising fuel prices renewed interest in EVs, though global economic uncertainty could limit long-term demand.
Future export growth will depend on ramping up new plants in Hungary, Thailand, and Brazil, and increasing local production, according to Chris Liu, senior analyst at Omdia. BYD expects exports to reach 1.5 million vehicles in 2026, up from a previous target of 1.3 million. Geely plans to raise its export target to 750,000 units.
In China, volatile gasoline prices may continue to favor EVs, potentially supporting BYD’s domestic market share. The March figures provide the first clear view of demand after the extended Lunar New Year holiday.
Last week, BYD reported a sharper-than-expected drop in fourth-quarter earnings, capping its first annual profit decline in four years.
