BEIJING, (Reuters) – Chinese electric vehicle maker BYD, expects overseas shipments to exceed 2.5 million vehicles in 2027, two major brokerages said on Tuesday, citing a group meeting with company management.
BYD did not immediately respond to a request for comment.
- The export target is underpinned by continued market-share gains overseas, an expanding fleet of dedicated car carriers and a growing local manufacturing footprint, Deutsche Bank said in a note.
- BYD management guided overseas shipments to reach 1.9 million to 2 million vehicles in 2026, nearly double last year’s level, Deutsche Bank said. Management indicated that shipping constraints limited overseas sales this year and that export volumes could otherwise have been higher.
- BYD’s Hungary plant is expected to start assembly in November or December. Management is also evaluating additional overseas manufacturing locations, according to Deutsche Bank.
- Local production would help BYD avoid the EU’s roughly 27% tariff on battery electric vehicles and Brazil’s 34% import tariff, representing savings of more than 40,000 yuan ($5,961) per vehicle, which management sees as offsetting ramp costs, Citi said.
- BYD also plans to build 90,000 flash-charging stations by 2028, including 20,000 by the end of 2026, followed by another 30,000 in 2027 and 40,000 in 2028, Deutsche Bank said.
- The company is targeting a 25% share of China’s domestic car market. Its market share climbed to 18% in July from 8% at the start of this year.
($1 = 6.7104 Chinese yuan renminbi)
Reporting by Qiaoyi Li, Zhang Yan and Ju-min Park. Editing by Mark Potter
