BYD (002594) Global Expansion: Explosive Overseas Growth and NEV Sales Surge in 2025

BYD (002594), one of China’s most influential new energy vehicle (NEV) manufacturers, is experiencing explosive global growth in 2025. After becoming the world’s top NEV seller in 2024, BYD has rapidly accelerated its overseas expansion, exporting more than 900,000 vehicles in the first 11 months of 2025—an extraordinary year-on-year increase of roughly 370%. This surge not only highlights BYD’s rising global competitiveness but also marks a major milestone in China’s fast-growing NEV presence worldwide. With new factories, localized production strategies, and higher overseas profitability, BYD is strengthening its position as a leading global EV brand.

BYD’s Overseas Export Surge and Its Global Significance

In 2024, BYD exported just 417,000 vehicles. However, by the first 11 months of 2025, overseas exports had already surpassed 900,000 units—more than double the volume of the previous year. In November alone, BYD exported 132,000 vehicles, representing 27.5% of its total monthly sales. It is clear that overseas markets have become BYD’s primary growth engine.

Equally significant is BYD’s accelerated global production layout. Factories in Thailand, Uzbekistan, and Brazil now provide a combined annual production capacity of more than 300,000 units. Additional manufacturing sites are planned for Hungary, Malaysia, and Cambodia. This localization strategy helps BYD reduce tariff pressure, shorten delivery cycles, and enjoy advantageous policy incentives.

With full-year exports poised to surpass the 1-million-unit milestone, BYD has now expanded its footprint across six continents and more than 110 countries and regions. The strong profitability of its overseas operations is expected to become a key earnings driver in 2026.

Three Core Highlights Behind BYD’s Global Rise

1. What BYD Does: A Vertically Integrated NEV Powerhouse

BYD specializes in the production of new energy passenger vehicles, commercial vehicles, and power batteries, covering the entire value chain from core components to complete vehicles. This vertical integration provides a major competitive advantage, enabling BYD to control battery, motor, and electronic control technologies internally. As global competition intensifies—with rivals such as Tesla, Volkswagen, and Hyundai expanding aggressively—BYD maintains its leadership through technology accumulation and cost efficiency.

2. Overseas Business Enters the Harvest Phase

2025 has become a landmark year for BYD’s globalization. From January to November, the company exported more than 900,000 vehicles, dramatically surpassing 2024’s full-year volume. Overseas sales have climbed from single digits to nearly 30% of total sales.

More importantly, BYD is not only exporting vehicles—it is building global production capacity. Factories in Thailand, Uzbekistan, and Brazil are already operational, while facilities in Hungary, Malaysia, and Cambodia are under development. This multi-continent layout strengthens BYD’s long-term competitive barriers and reduces dependency on exports, making its global expansion more resilient and scalable.

3. Key Data Points to Watch

Strong Overseas Contribution

• November 2025 exports: 132,000 units, accounting for 27.5% of total sales
• January–November cumulative exports: 900,000+ units, up 370% YoY
• Overseas models typically carry higher profit margins than domestic sales

As localized production scales up and logistics costs fall, overseas margins are expected to rise further.

Proactive Inventory Reduction Strategy

Since May 2025, BYD has strategically kept production below sales, reducing inventory and improving operational efficiency.

• November production: 474,000 units (–12.3% YoY)
• November sales: 480,000 units (–5.3% YoY)

This aligns with the national initiative to curb excessive industry competition, supporting upstream suppliers and stabilizing market conditions. The strategy enhances long-term profitability and sets the stage for earnings recovery in 2026.

Major Highlights Summarized

Highlight 1: Explosive Overseas Growth and Strengthening Global Strategy

• January–November 2025 exports exceed 900,000 units
• YoY growth rate: ~370%
• Global footprint spans 110+ countries
• Localized production capacity exceeds 300,000 units annually

Highlight 2: Proactive Inventory Optimization Supporting Industry Stability

• Production has remained below sales since mid-2025
• Reduces inventory pressure and improves financial stability
• Supports the call to reduce excessive competition
• Enhances long-term profit quality and stability

Highlight 3: Strong Earnings Visibility and Valuation Safety Margin

Securities analysts forecast BYD’s net profit to reach:

• 38.9 billion yuan in 2025
• 50.3 billion yuan in 2026
• 63.6 billion yuan in 2027

Corresponding PE ratios: 25×, 19×, and 15×.
Performance growth is expected to rebound to 26–29% in 2026–2027.

BYD maintained a high 20.9% ROE in 2024, signaling strong profitability and financial discipline.

Conclusion

BYD’s rapid overseas expansion, breakthrough in global NEV exports, and strong performance outlook make it one of the most strategically positioned automotive companies in 2025 and beyond. With exports expected to exceed 1 million units, production capacity expanding across six continents, and localized manufacturing reducing trade barriers, BYD is building a powerful global footprint. Combined with its vertically integrated supply chain, leading battery technology, and strong profitability, BYD stands out as one of the few Chinese automakers with both scale advantage and long-term global competitiveness. As the worldwide transition to electric mobility accelerates, BYD’s growth momentum, valuation safety margin, and rising overseas profits position it as a dominant force in the global EV market.