BYD, China’s leading automaker, has set an ambitious target to sell half of its vehicles outside China by 2030. This expansion strategy focuses on Europe and Latin America, driven by the company’s rapid growth in its home market, where it sold 4.27 million vehicles last year. Despite facing significant trade barriers in the U.S. and tariffs in the EU, BYD is determined to establish a strong global presence.
To achieve this goal, BYD plans to open new manufacturing plants in Hungary and Turkey, with another plant expected in Brazil. The company has already established operations in Thailand and is actively seeking a location for a third European plant. This expansion is supported by BYD’s diverse lineup of electric and hybrid vehicles, which have been instrumental in its success in China.
BYD’s growth strategy is not without challenges. The company must navigate complex international trade regulations and compete with established automakers in new markets. However, BYD’s confidence is bolstered by its explosive growth in China over the past five years, driven by the popularity of its affordable EVs and hybrids.
The company’s global ambitions have caught the attention of industry leaders. Ford CEO Jim Farley has identified BYD as a major competitor in the race to develop profitable electric vehicles. Despite the competitive landscape, BYD’s chairman, Wang Chuanfu, is often compared to Henry Ford for his role in revolutionizing the automotive industry with mass-produced EVs.
BYD’s early efforts in Europe have shown promise, with sales more than quadrupling in the first quarter of 2024 compared to the same period the previous year. The company captured a 4.1% share of the European EV market, demonstrating its potential to compete on a global scale.