BEIJING, (Reuters) – Chinese electric vehicle maker BYD, reported rising global sales for the fourth straight month, as robust exports continued to cushion the impact of sluggish domestic demand.
Total sales climbed 17.8% from a year earlier to 440,293 vehicles in August, while overseas shipments jumped 134.5% to 189,466 vehicles, according to Reuters calculations based on BYD’s disclosure on Tuesday.
BYD has spearheaded the international ambitions of Chinese automakers, gaining ground in key overseas markets including Europe and Southeast Asia, as it works to diversify beyond China’s increasingly saturated EV sector.
That strategy is contributing to profitability. The world’s largest EV maker by shipments generated more revenue overseas than in China for the first time in the January to June period, with growing vehicle exports helping lift gross profit margins.
Brazil, BYD’s largest market outside China, has become a key pillar of that overseas growth. The company is preparing to launch its first locally produced plug-in hybrid flex-fuel vehicle there, aiming to capitalise on surging demand as it deepens its manufacturing footprint in Latin America’s largest auto market.
The growing contribution from international markets provided a buffer against weakening profitability at home. BYD posted its first quarterly profit rise in more than a year, although the rebound in the second quarter fell short of expectations as competition in China’s auto market remained intense.
Reporting by Qiaoyi Li, Zhang Yan and Ju-min Park; Editing by Sharon Singleton
