BYD aims to sell half its cars outside China by 2030

Growing pains

Unlike Tesla, which has an EV-only approach, BYD has an extensive lineup of  fully electric cars and plug-in hybrids. It is also expected to pass Tesla this year as the world’s top seller of fully electric cars.

However, BYD’s early overseas expansion has come with growing pains. Reuters reported last month BYD has been overhauling its European operations after strategic missteps.

BYD’s sales in Europe more than quadrupled in the first quarter versus the same period in 2024 to 37,201 cars, giving it a 4.1% share of the continent’s EV market, according to research firm Rho Motion.

BYD’s global growth is backed by a building spree. The company aims to open a Hungary plant this year, followed by one in Turkey next year, and expects to pick a location for a third European plant soon. It opened a car assembly plant in Thailand last year. Another plant has been under construction in Brazil, though it has been dogged by reports of abusive conditions for Chinese workers.

Bill Russo, CEO of Shanghai-based advisory firm Automobility, compared BYD’s progress on EVs to Ford’s instrumental role in mass-produced vehicles a century ago.

BYD chair Wang Chuanfu, he said, is “the Henry Ford of the 21st century”.

BYD will likely hit the target of selling half its cars overseas, Russo said, where it faces less competition.

“The biggest problem they have is rising competition at home,” Russo said.