Chinese electric vehicle manufacturer BYD expects its overseas vehicle shipments to exceed 2.5 million units in 2027, according to Deutsche Bank and Citi, citing a meeting with company management.
Deutsche Bank said the target is supported by continued gains in overseas market share, a larger fleet of dedicated vehicle carriers and expansion of BYD’s local manufacturing footprint.
Management expects overseas shipments of 1.9 million to 2 million vehicles in 2026, according to Deutsche Bank. That would represent nearly double last year’s level. The company said shipping limitations had restricted overseas sales this year and that exports could otherwise have been higher.
BYD’s Hungary plant is expected to begin assembly in November or December. The company is also considering additional manufacturing locations outside China.
Local production could help BYD avoid the European Union’s roughly 27% tariff on battery electric vehicles and Brazil’s 34% import tariff. Citi estimated that avoiding those duties represents savings of more than 40,000 yuan ($5,961) per vehicle, which management views as offsetting the costs of expanding local production.
The company also plans to establish 90,000 flash-charging stations by 2028. Of those, 20,000 are planned by the end of 2026, followed by another 30,000 in 2027 and 40,000 in 2028.
BYD is targeting a 25% share of China’s domestic car market. Its domestic market share rose to 18% in July from 8% at the start of the year.
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