BYD Targets 50% Overseas Sales by 2030, Eyes Europe and Latin America

BYD has set an ambitious goal to have half of its sales come from overseas markets by 2030, according to a Reuters report citing four people familiar with the matter. This sharp increase, provided that the company is successful, will transform the Chinese automaker into a worthy rival to global giants like Toyota and Volkswagen.

BYD’s Overseas Push

BYD sold 4.27 million vehicles in 2024, nearly 90% of which came from China, its home market. Overseas, BYD’s sales reached 417,204 units for full year 2024, an increase of 71.86% year-on-year. This shows that BYD is seeing a lot of momentum, thanks in no small part to its lineup of reasonably priced New Energy Vehicles from its BYD, Denza, Yangwang, and Fang Cheng Bao brands.

Since BYD is still not able to enter the United States’ auto market, its 2030 target focuses on Europe and Latin America, where BYD is expanding with new factories in Hungary and Turkey, Reuters noted. BYD has also opened a car assembly plant in Thailand last year, and a factory is currently under construction in Brazil.

For 2025, BYD aims to reach 5.5 million total sales, including over 800,000 units overseas—a 92% jump from 2024’s overseas figures, according to BYD chairman and president Wang Chuanfu, as stated in a CNEV Post report.

Ambitious Goals, But Trade Barriers Loom

Achieving 50% overseas sales by 2030 is an ambitious goal, especially with trade barriers blocking BYD from the U.S. market. Still, the company’s growth has a lot of momentum, particularly after the automaker ceased its production and sales of combustion-powered cars in March 2022 to focus solely on plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV) models.

Since then, BYD’s sales have exploded, with the company seeing a 41.26% increase in NEV sales in 2024. The company’s passenger BEVs sold 1,764,992 units last year, just behind American electric car maker Tesla, and its PHEVs sold 2,485,378 units in the full year of 2024.

EV.com recognizes BYD’s ambitious global expansion in the EV market, though its vehicles are not available to markets like the United States for now. Please feel free to explore the best offers we have on our electric vehicle listings here.