will make more money per vehicle. This year alone, BYD expects overseas sales to double. The company’s CEO even says that most of BYD’s profits will eventually come from overseas sales.
Even with some of the most affordable vehicles, including its Seagull EV, which starts at under $10,000 (69,800 yuan) in China, BYD is making money.
CEO Wang Chuanfu is confident that once BYD matches Toyota’s output, its vehicles will be more profitable. Wang told analysts this week (via Reuters) that BYD’s cost control was better and as sales continue growing, it will be evident.
With 10.8 million vehicles sold in 2024, Toyota remained the world’s top-selling carmaker. On the other hand, BYD sold just over 4.27 million new energy vehicles (NEVs), or EV and PHEVs.
Wang’s confidence comes as the brand continues expanding into new global markets. He told analysts that BYD aims to sell over 800,000 vehicles overseas in 2025, more than double the 417,204 it sold in 2024.
The company sees “great opportunities” for growth in Latin America and Southeast Asia, which are more open to Chinese auto brands. BYD also expects a “substantial rise” in market share in Britain, which is also more open.
Wang said BYD will be able to keep costs down by assembling its vehicles locally while it still sources key parts from China.