BYD Co. (1211.HK) signaled to analysts that exports this year will probably beat its previous target by 15%, according to people familiar with the matter, as the world’s biggest electric vehicle maker leans on growth in overseas markets to counter a slump in domestic sales.
In an analyst briefing Monday following worse-than-expected fourth-quarter earnings, BYD management told participants that the automaker is confident exports will reach 1.5 million vehicles in 2026, said the people, who asked not to be identified because the forecast isn’t public. That’s up from the 1.3 million target the Shenzhen-based carmaker disclosed in January.
A representative for BYD didn’t immediately respond to a request for comment.
BYD’s optimistic export outlook follows disappointing results, including the company’s first annual drop in profit in four years even as it toppled Tesla Inc. (TSLA) as the world’s top-selling EV maker. Overseas sales have been one of the few bright spots recently for BYD — they topped 1 million last year — as domestic sales stall.
That’s piling pressure on its overseas ambitions to bear fruit. Citigroup Inc. estimated that BYD’s car sales in China will turn unprofitable in the first quarter, making the company rely entirely on exports to make money in its core auto business.
So far, BYD’s models have proved popular abroad — a relief valve given its challenges in China. But it’s a costly undertaking, with the company expanding its production footprint in markets like Brazil, Hungary, and Southeast Asia to help bypass trade barriers.
Batteries — its foundational business — is also one of BYD’s big bets. Alongside new-generation blade batteries, the carmaker has unveiled a system that can recharge a battery from 10% to 70% in five minutes, and reach close to fully charged in nine minutes.
BYD is looking to roll out ultra-fast charging stations outside of China from 2027, the people said.
