Global Ambitions: BYD Aims Half of Car Sales Abroad by 2030
By the year 2030, BYD intends to sell around half of its automobiles in international markets.
Chinese automotive giant BYD plans to shoot for the stars, set to boost its international sales drastically. As of now, the majority of its vehicles are still sold in China, but that's set to change by 2030, industry insiders have reported.
BYD's ambitious goal intends to catapult the company into the spotlight alongside the world's automotive titans like Toyota and Volkswagen. The growth will be fueled by a focus on Europe and Latin America, while US markets remain off-limits due to trade barriers.
Executives from BYD have been discussing this ambitious target with groups of investors since the end of last year, positioning expansion in Europe as a key element of their strategy, one insider revealed. This insider also added that BYD is pretty confident about its products' ability to replicate their success in China on foreign markets.
Reaching this lofty goal would be a tough feat even for a company with BYD's impressive growth rates. Last year, the company sold 4.27 million electric cars, hybrids, SUVs, and sedans, with an overwhelming 90% of those sales occurring in the home market. Hitting the mark of selling half of its vehicles overseas would push BYD from being a mid-sized player to one of the top global automakers in terms of sales volume.
Give It Some Gas: Ousting VW from the Top Spot in China
BYD already knocked Volkswagen off its perch as China's leading automaker, the world's biggest car market, last year. BYD’s global sales have climbed from less than 430,000 vehicles in 2020 to near Ford and General Motors levels.
Bill Russo, CEO of the Shanghai-based consulting firm Automobility, likened BYD's success in electric vehicles to Ford's groundbreaking role in mass production a century ago. BYD Chairman Wang Chuanfu himself proudly declared his status as the "Henry Ford of the 21st century."
BYD's rivals will likely feel the heat of the company's bold ambitions. Ford CEO Jim Farley has described BYD as the "biggest threat" in the electric vehicle race. Foreign governments have also taken measures to protect domestic automakers from Chinese imports, making it challenging for BYD and other Chinese automakers to enter the US market.
In response, BYD plans to produce cars for the European market in Europe, with electric vehicle production in Hungary expected to start by the end of this year, followed by a factory in Turkey.
Euro and South American Territory: What's Next?
While China remains the main focus, BYD has been grappling with expansion plans for Europe and South America, in line with its goal of selling half of its vehicles abroad by 2030. However, specific details on these regions aren't as prominent in recent public sources as its Southeast Asian initiatives. Despite this, BYD is actively pursuing growth in Europe by launching new EV models, courtship with local partnerships, and expanding its network of dealerships. Southern American markets are also on the radar, though details on specific moves in the region are still vague.
In the realm of electric buses, BYD remains the leader, with continued growth forecasted in regions such as Europe and South America. By diversifying its product offerings and targeting untapped geographies, BYD aims to secure its standing as a major player in the global automotive industry.
Sources:- ntv.de- als/rts
- The employment policy of BYD, a Chinese automotive giant, is set to drastically change by 2030, as the company aims to sell half of its vehicles abroad, according to industry insiders.
- The automotive industry, including giants like Toyota and Volkswagen, will feel the impact of BYD's growth, as the company's focus on Europe and Latin America poses a significant challenge.
- In the 21st century, BYD's Chairman Wang Chuanfu is identified as the "Henry Ford of the 21st century," due to the company's groundbreaking success in electric vehicles.
- The finance and technology sectors will play a crucial role in BYD's expansion plans, as the company plans to produce cars for the European market in Europe, with electric vehicle production in Hungary expected to start by the end of this year.
- BYD's ambitious employment policy includes pursuing growth in Europe and South America, where it is actively launching new EV models, courting local partnerships, and expanding its network of dealerships, despite a lack of specific details in recent public sources about these regions.
