BYD Plans to Export Over 2.5 Million Electric Vehicles by 2027

Chinese electric vehicle manufacturer BYD plans to export over 2.5 million cars by 2027. It is expected that in 2026, the export volume will range from 1.9 to 2 million vehicles, nearly doubling the figures from the previous year. This year's overseas sales have been hampered by logistical constraints in maritime transport. To minimize tariff barriers and logistics costs, BYD is moving towards localizing production, including launching factories in Europe. The factory in Hungary is set to begin assembling vehicles in November or December. Local production will help avoid the European Union's tariffs on electric vehicles, which are around 27%, and a 34% import duty in Brazil, resulting in savings of over 40,000 yuan on each vehicle. BYD also plans to open 90,000 fast charging stations by 2028. The company aims to capture 25% of the domestic market in China, with its share increasing from 8% at the beginning of the year to 18% in July. In August, domestic retail sales fell by 24%, while external shipments increased by 78% to 888,000 units.

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