As of 2025 so far, BYD’s overseas shipment share accounts for approximately 20%, which is twice that of 2024.
Recently, Citi stated in a report that BYD plans to achieve a target of 1.5 to 1.6 million overseas vehicle sales in 2026. This represents an increase of nearly 60% compared to the projected 900,000 to 1 million units in 2025, with sales growth expected to be driven by the launch of new models.
The Citi report indicates that BYD’s overseas sales are evenly distributed across markets, with Europe, North America, and ASEAN each accounting for approximately one-third of its total overseas sales in 2025.
The report also mentioned that BYD’s management expects its capital expenditure in the fourth quarter to drop compared to the previous quarter, with a significant reduction anticipated in 2026, as vehicle and battery production capacity already meets demand.
Over the past five years, BYD has built at least eight large factories in China, while also establishing overseas plants in countries like Hungary, Turkey, and Brazil for localized assembly.
Currently, BYD is planning a third overseas plant for European models, with Spain being the primary candidate location. According to Stella Li, BYD’s Vice President, in a media interview on November 5, the new Turkish plant is expected to begin production by the end of 2026, with the Seal U DM-i being the first model to be manufactured there.
Data shows that overseas shipments accounted for about 20% of BYD’s total volume so far in 2025, doubling the 2024 figure, indicating significantly accelerated internationalization. In October 2025 alone, BYD’s exports reached 80,108 units, surpassing both Chery and Tesla China combined.
In contrast to its strong overseas performance, BYD faces certain pressures in the domestic Chinese market.
In the third quarter of 2025, BYD reported operating revenue of 194.98 billion yuan, down 3.1% year-on-year and 3.0% quarter-on-quarter. Citi’s report noted that BYD has cut its total 2025 sales target by 16% to 4.6 million vehicles, primarily due to recent domestic sales declines.
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