BYD aims to double export sales to 800,000 vehicles in 2025
BYD presented its annual report for the past year this week, stating that it had sold exactly 417,204 vehicles abroad in 2024. That’s less than ten per cent of its total sales, which last year totalled around 4.25 million BEVs and plug-in hybrids. What is new is what BYD CEO Wang Chuanfu said in a subsequent telephone conference, according to the Reuters news agency: the goal for 2025 is to achieve sales of 800,000 units abroad – in other words, to double the current figure.
Wang Chuanfu sees great opportunities for increasing sales outside China, particularly in the UK and in Latin American and Southeast Asian countries. That is because these regions are “very open” to products from China. As reported, BYD aims to deliver five to six million vehicles this year, including China.
After two months, BYD has already sold 623,000 vehicles worldwide, which, extrapolated, would not yet be enough to reach its target. However, the first months of the year are traditionally rather weak in China – and yet BYD has increased sales by 90 per cent for the period 2024. If the company achieves its own sales targets, BYD could even overtake the Volkswagen brand. The German carmaker achieved 4.8 million units in 2024.
Looking at the balance sheets, BYD would have an operating revenue of around 777 billion yuan (99.3 billion euros) in 2024, an increase of 29 per cent over the previous year. Slightly more than 617 billion yuan (78.9 billion euros) of this is accounted for by cars and related products. Total profit rose by 34 per cent to a record 40.3 billion yuan (5.15 billion euros). However, not all key figures are positive: due to rising operating costs, BYD’s gross margin fell by almost five percentage points to 17 per cent in the fourth quarter.
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