Author ｜ Zhang Rui

Editor ｜  Zhi Hao

After obtaining filing approval from the CSRC, Momenta's prospectus is here.

Auto News reported on June 23, today, MOMENTA GLOBAL LIMITED (hereinafter referred to as Momenta) submitted a listing application to the Hong Kong Stock Exchange.

▲Momenta Prospectus

According to data in the prospectus, as of February 28, 2026, Momenta has cumulatively secured 180 vehicle model designations, with the installed base of production-ready vehicle solutions exceeding 733,000 units.

As of February 28, 2026, Momenta has established cooperative relationships with 24 global OEMs, including nine among the global top ten OEMs such as Toyota, General Motors, Hyundai-Kia, Volkswagen, and Honda, as well as China's top ten OEMs including SAIC, BYD, GAC, Chery, FAW, Geely, Great Wall, and Dongfeng.

Regarding financial data, in 2025, Momenta's revenue was RMB 2.413 billion, a year-on-year increase of 82.1% compared to 2024, although it still recorded a loss of RMB 3.458 billion, an expansion from 2024.

▲Momenta Major Financial Information for the Last Three Years

Momenta is a Chinese autonomous driving company founded in 2016, adopting a "Two Legs" strategy, based on a data-driven "Flywheel", with a product strategy combining Mass Production with Scalable Robo.

▲Momenta's Booth at the Beijing Auto Show

Momenta mentioned in the listing application that the proceeds from this fundraising are expected to be used to strengthen core infrastructure, expand R&D capabilities, promote R&D investment in next-generation high-level intelligent driving solutions, and are also used for investment in accelerating the commercialization and scaled development of autonomous ride-hailing service solutions.

▲Some Uses of Momenta Funds Raised

I. Cumulative Revenue of RMB 4.481 Billion Over Three Years, 2025 Gross Margin 71.6%

Regarding performance, according to Momenta's listing application documents, Momenta's revenue in 2023 and 2024 was RMB 743 million and RMB 1.325 billion respectively.

▲Momenta Financial Data Summary in Recent Years

In 2025, Momenta's revenue was RMB 2.413 billion, a year-on-year increase of 82.1% compared to 2024. Momenta stated this was mainly due to increased licensing fees and increased technical development service revenue, benefiting from rising customer demand. Momenta's cumulative revenue over three years was approximately RMB 4.481 billion.

▲Momenta Revenue Changes in Recent Years

However, at present, Momenta is still in a loss-making state. Momenta's net losses in 2023, 2024, and 2025 were RMB 2.57 billion, RMB 3.206 billion, and RMB 3.458 billion respectively, with a cumulative net loss over three years of approximately RMB 9.234 billion.

▲Momenta Loss Changes in Recent Years

In 2023, 2024, and 2025, Momenta's gross margin increased significantly, with three-year gross margins of 17.5%, 49.0%, and 71.6% respectively.

▲Momenta Gross Margin in Recent Years

Regarding R&D investment, in 2023 and 2024, Momenta's R&D expenditure was RMB 1.281 billion and RMB 1.508 billion respectively.

▲Momenta R&D Investment in Recent Years

In 2025, Momenta's R&D expenditure was RMB 1.869 billion, a 23.9% year-on-year increase compared to 2024, accounting for 77.5% of total revenue. Momenta stated this was mainly driven by increased R&D activities, including rising infrastructure costs, increased training platform expenses and cloud service fees, Momenta's test fleet operating costs, and increased employee compensation and benefits.

Regarding financing history, as of November 28, 2025, Momenta has completed a Series C-13 financing round, with a post-money valuation of USD 6.185 billion (approximately RMB 41.918 billion).

▲Momenta Financing Information

II. Focused on Developing and Commercializing Intelligent Driving Technology, Cumulatively Awarded 180 Vehicle Model Orders

Specifically looking at the business, Momenta is an autonomous driving company focused on developing and commercializing intelligent driving technology to improve safety and efficiency in the mobility and logistics sectors, specifically including achieving this through production-ready vehicle solutions and scalable autonomous mobility applications.

According to data, whether calculated by sales volume of vehicles equipped with Momenta Urban NOA solutions in the past twelve months ended February 28, 2026, or by the cumulative number of production-ready vehicle models equipped with Momenta Urban NOA solutions as of February 28, 2026, Momenta ranks first among all independent intelligent driving solution providers globally.

As of December 31, 2025, Momenta had cumulatively secured 170 vehicle model designations, including 68 models that have entered formal mass production. At the same time, the installed base of Momenta's intelligent driving solutions on production vehicles exceeded 680,000 units, with cooperative relationships established with 24 global OEMs, including cooperation with China's top ten OEMs such as SAIC, GAC, Chery, FAW, Geely, Great Wall, and Dongfeng.

▲Cumulative Momenta Designated Vehicle Models

In addition, according to data, for the past 12 months ended February 28, 2026, calculated by city NOA sales, Momenta ranked first among global independent city NOA solution providers, with a market share of 64.5%.

▲Ranking of Global Independent Urban NOA Solution Providers

As of February 28, 2026, Momenta has further established a cooperative relationship with Ford, increasing the number of global top ten OEMs with whom Momenta has established cooperative relationships to nine. These include Toyota, General Motors, Mercedes-Benz, BMW Group China, Hyundai-Kia, Volkswagen, BYD, and Honda among the global top ten OEMs listed by Fortune Magazine in July 2025.

In addition, as of February 28, 2026, Momenta has cumulatively secured 180 vehicle model designations, an increase from the 170 models as of December 31, 2025. As of the same day, the installed base of Momenta production-ready vehicle solutions exceeded 733,000 units.

In 2023, 2024, and 2025, Momenta's total revenue from its top five customers was RMB 644.3 million, RMB 1.0373 billion, and RMB 1.5082 billion respectively, accounting for 86.7%, 78.3%, and 62.6% of Momenta's revenue respectively. Revenue generated from the largest customer in each year during the track record period was RMB 265.5 million, RMB 255.6 million, and RMB 522.2 million respectively, accounting for 35.7%, 19.3%, and 21.6% of Momenta's revenue respectively.

▲Momenta Major Customers

Specifically regarding products, Momenta provides two solutions: solutions deployed on production vehicles and developing scalable unmanned mobility and logistics businesses, expected to expand to autonomous freight vehicles and autonomous trucking services.

Although production-ready vehicle solutions and autonomous ride-hailing service solutions operate independently, Momenta remains committed to promoting interaction between the two to drive Momenta's "One Flywheel, Two Legs" strategy, which forms a flywheel accelerating technology evolution, supporting Momenta in ultimately achieving scalable fully autonomous driving.

▲Momenta's 'One Flywheel, Two Legs' Strategy

Regarding production-ready vehicle solutions, as a Tier-1 Software Supplier, Momenta provides high-level intelligent driving software solutions that are stable during actual use and compatible with different OEM platforms.

Momenta's software design can be integrated with OEM platforms, ensuring OEMs have full control over system performance, deployment rhythm, and future upgrades while accelerating product launch and improving system overall flexibility.

Through integration with OEM platforms, Momenta customizes solutions for specific vehicle architectures while maintaining high reliability and supporting continuous iterative upgrades. Momenta's main line platform across vehicle platforms also enables Momenta to participate in overseas projects more efficiently, thereby serving OEMs that span multiple regions and vehicle platforms.

Meanwhile, Momenta is working closely with global top OEMs to promote L3-level project implementation, moving towards a new stage of autonomous driving together.

The revenue model for Momenta's production-ready vehicle solutions consists of two parts: 1. Pre-production technical development service fees, where Momenta adapts, validates, and integrates solutions into OEM vehicle models facing mass production; 2. Post-production licensing fees based on sales volume, which are charged once per vehicle integrating the high-level intelligent driving solution.

▲Momenta Production-Ready Vehicle Solution Revenue Model

Regarding autonomous ride-hailing service solutions, currently Momenta focuses on autonomous ride-hailing services. As technology and business environments evolve, Momenta plans to further expand autonomous freight vehicles and autonomous trucking services.

As of the last practicable date, Momenta has obtained commercial operation approval in Suzhou and Shanghai, China, demonstration application license and test license in Wuxi, China, and test license in Abu Dhabi, UAE.

According to data, Momenta cooperates with Mercedes-Benz and UAE national taxi company Lumo to launch the world's first high-end autonomous ride-hailing service.

In addition, Momenta reached a strategic cooperation with Roam in May 2025 to deploy autonomous ride-hailing vehicles based on front-production mass production vehicle platforms, planning to launch commercial operations in Shanghai in early 2026.

At the same time, Momenta has established cooperation frameworks with overseas leading mobility platforms such as Uber and Grab, and plans to launch overseas commercial autonomous ride-hailing services in Abu Dhabi, UAE and Munich, Germany in 2026, and is expected to expand to more cities in regions such as the Middle East, Europe, and Southeast Asia (such as Dubai, Singapore, and selected cities in Germany).

Currently, Momenta has completed system integration with Uber and is testing in Munich. Momenta is also communicating with Grab regarding regulatory approvals and early testing arrangements, while conducting necessary road tests in Abu Dhabi.

According to Momenta's autonomous ride-hailing cooperation model, mobility platforms are usually responsible for user acquisition, order dispatch, customer interface, and fleet operations through their mobility applications. Vehicles are mainly provided through the cooperation between Momenta and vehicle partners (usually OEMs), while Momenta focuses on delivering autonomous driving systems.

III. Committed to Building "Android System" in Autonomous Driving Field, Models Deployed in Multiple Production-Ready Models

Momenta's autonomous driving platform, unlike closed, vertically integrated systems, is committed to building a highly open, modular, and highly generalized intelligent driving ecosystem platform, which Momenta calls the "Android System" in the autonomous driving field.

▲Momenta Autonomous Driving Platform

Momenta Autonomous Driving Platform's modularity and generalization capabilities support seamless adaptation between different vehicle models and autonomous ride-hailing operations, featuring three core characteristics:

1. Openness: Momenta adheres to an open platform strategy, collaborating closely with OEMs and other mobility platforms to flexibly respond to their personalized needs at different development stages and market strategies. Momenta's solutions can adapt to diverse hardware configurations, vehicle platforms, price ranges, and functional requirements.

2. Modularity: Momenta developed a unified platform architecture with standardized interfaces, ensuring consistency of user experience and system compatibility under different vehicle models and hardware configurations, while supporting rapid large-scale deployment.

3. Generalizability: Momenta adopts a "mapless" solution, which does not rely on pre-collected high-definition maps, yet achieves strong generalization capabilities of "can drive wherever there is a road, can drive globally". This provides powerful geographical adaptability, making large-scale deployment possible.

Regarding data-driven algorithms, Momenta's data-driven algorithm model has rapidly iterated to the 6th generation. The R6 model learns in a simulation environment covering diverse driving trajectories. For every trajectory, the model is evaluated based on multiple reward mechanisms covering safety, comfort, and efficiency, achieving continuous optimization of decision-making capabilities by reinforcing optimal behavior and penalizing poor behavior.

The key advantage of the R6 model lies in simultaneously utilizing high-quality and poor driving data: high-quality behavior is reinforced through positive rewards, while poor behavior is explicitly penalized, thereby fully releasing the value of data generated by production-ready vehicles after formal mass production — every kilometer driven can be converted into potential training input. According to Momenta's internal testing data, compared to the previous generation, the R6 model can achieve performance improvements of up to about eight times in some safety-critical scenarios.

With the support of reinforcement learning, the R6 model has achieved significant improvements in safety, compliance with traffic rules, and more intelligent driving decisions. To date, the R6 model has been deployed in multiple production-ready models including Buick Zhijing L7 under SAIC-GM and Chery Fengyun T11. In the future, Momenta plans to expand it to more new models.

IV. 7 Automotive Companies Hold Shares, Founder Has Over 15 Years of Experience in Tech Industry

In terms of equity structure, as of the last practicable date, according to listing rules, Cao Xudong, Xia Yan, Sun Gang, Sun Huan, Jia Sibuo, Li Jun, Zhu Wangjiang, Wang Jinwei, Bigsail Holdings, Lvdou, Shengse, Pine Sky, Creative Circuit Limited, Yijia VC Limited, Tide Bay Limited, and Tycoon Insight Limited constitute a group of controlling shareholders for Momenta.

▲Momenta Equity Structure

Meanwhile, in the list of Momenta's major shareholders, we can see General Motors holds 9.37% and Mercedes-Benz Group holds 6.39%. In addition, it is noteworthy that among Momenta's shareholders, there are a total of 7 automotive companies: SAIC, GM, Mercedes-Benz, Toyota, BYD, Hyundai, and Chery.

▲Momenta Major Shareholders List

Among them, Cao Xudong is Momenta's founder, Board Chairman, Executive Director, and Chief Executive Officer. In addition, Cao Xudong is currently a director and/or senior management member of several Momenta subsidiaries, mainly responsible for supervising Momenta's overall management, organizational development, and strategic project development.

▲Cao Xudong

Cao Xudong obtained a Bachelor of Engineering degree in Engineering Mechanics and Aerospace Engineering from Tsinghua University located in Beijing in July 2008, and has over 15 years of experience in the tech industry.

Before founding Momenta, Cao Xudong served as a researcher at Microsoft Research Asia from November 2010 to October 2015, mainly responsible for R&D in areas such as search engines, machine learning cloud services, and cloud storage systems. From November 2015 to August 2016, Cao Xudong served as Executive R&D Director of SenseTime Group Limited, mainly responsible for leading and supervising the R&D of multiple technical innovations including Internet-based facial recognition technology.

Conclusion: Momenta is About to List on HK Stock Exchange

Momenta stated that for Momenta, listing in Hong Kong is not just for fundraising, but also to prove that technology can scale to make money, be mass installed in vehicles, and go global.

According to the prospectus, from 2023 to 2025, Momenta's operating income grew from 743 million yuan to 2.413 billion yuan, tripling over three years with a CAGR of over 80%, cash reserves exceeding RMB 10 billion, leaving space for Robo business (such as autonomous Robotaxi, unmanned Robovan, and autonomous Robotruck, etc.) and going overseas.

If Momenta can successfully list in Hong Kong this time, it is expected to obtain more capital support and increase investment in continuous R&D of core technologies.

Left hand holds chips, right hand holds robots.

BYD, it's time to change the way it lives.

2026 will not be an easy year for the overall Chinese automotive industry.

Multiple listed automakers are experiencing profit cuts by half (or even deeper), stock price pressure, and even situations where shareholders complain directly to management at shareholders' meetings...

If looking only at BYD's financial reports and stock price, some might think this company is experiencing a crisis.

However, if looking at its technology reserves, overseas expansion, chip, and robot layout strategies, one might feel this is a 'tech giant' building up momentum.

These two completely opposite judgments reveal that this company 'only focused on new energy vehicles' is planning a grand chess game far beyond automobiles.

01

'Q1 2026 was a temporary darkest moment for the new energy vehicle industry.' BYD Chairman Wang Chuanfu was very candid in his speech at the shareholders' meeting.

He stated directly that starting from January 1, 2026, the policy of exempting new energy vehicles from purchase tax in China was changed to half-rate collection. The policy retreat caused demand in November and December 2025 to be significantly front-loaded. Domestic NEV penetration rate dropped from 59.1% in December 2025 to 38.6% in January of this year, and rebounded to 44.9% in February.

In Q1 2026, BYD's revenue was 150.225 billion yuan, down 11.82% year-on-year; net profit attributable to the parent company was 4.085 billion yuan, down 55.38% year-on-year.

【Image Source: BYD Q1 Report】

However, Wang Chuanfu also gave his judgment: 'The worst moment has passed.' Due to the Middle East conflict and soaring oil prices, NEV penetration rates have continued to rise over the past two months.

In March of this year, BYD launched the 2nd Gen Blade Battery and Flash Charge technology, directly targeting the charging anxiety pain point of the 'first half' of electrification.

In May, BYD's NEV sales reached 383,500 units, a 0.26% year-on-year increase, with sales year-on-year turning positive for the first time in several months.

However, sales recovery is not a smooth path.

Wang Chuanfu stated, 'The overall sales volume in 2026 depends on the battery capacity release, with a larger capacity release in 2027.'

He stated that due to the huge difference in internal structure between the 2nd Gen Blade Battery production line and the 1st Gen, the original 1st Gen production line needs retrofitting and upgrading, and capacity ramp-up requires a cycle. Currently, capacity is ramping up with an increase of 20,000-30,000 units per month.

02

Battery capacity ramp-up solves the problem of 'how many cars to sell'. What BYD is planning is a story bigger than 'selling cars'.

If smart driving is the 'present tense' BYD is delivering, then chips and humanoid robots are the 'future tense' it is planning.

A week before the shareholders' meeting, Li Ke, Executive Vice President of BYD Group, confirmed in an interview program that BYD is developing humanoid robots.

She also stated, 'Competition in robots lies in who has the strongest manufacturing, software, and hardware capabilities, and automotive-related AI capabilities share the same origin with robots.'

Upon this news, the market went wild.

News circulated that BYD's humanoid robot code name was 'Yao, Shun, and Yu', planning to deploy 20,000 units internally in 2026. BYD immediately debunked the rumor, stating: related news were all untrue. But the 'debunking' itself proved another thing: entering the game is real, just the rhythm and scale were exaggerated.

In fact, BYD's layout in the robot field is far earlier and more systematic than outsiders imagine.

Its Embodied Intelligence Research Team was established in 2022 and has completed the development of several products including process robots, intelligent mobile robots, and humanoid-like robots.

On the investment side, in 2023 it invested in Zhìyuán Robot; in 2025 it acquired a stake in tactile technology company Pacini Perception Technology, becoming a major shareholder.

03

From Li Ke's statement, industrial robots are the focus at the present stage, because BYD itself is the largest user; in the future, once humanoid robots meet the conditions to enter homes, BYD can rely on its global dealer network to sell.

This is not cross-border chasing trends, but a translation and reuse of whole industry chain technical capabilities. Motors, electronic control, batteries, chips, contract manufacturing, the whole industry chain capabilities required for car manufacturing can almost be translated to the robot field. Currently, Chinese listed automakers like SAIC, Geely, GAC Group, etc. have started planning the automotive derivative industry.

Financial reports show BYD's total employee compensation expenditure in 2025 was 130.5 billion yuan. Using robots to replace high-repetition production line positions to reduce costs is highly logical.

Citi predicts that by 2050, the global humanoid robot market size will reach $7 trillion, with quantity reaching 648 million units.

For BYD, which is looking for a 'second growth curve', this is undoubtedly a track worth betting on. Currently, almost all major Chinese listed automakers are seeking to switch tracks,跳出 the saturated automotive market, and open up new blue oceans, especially in fields like Embodied Intelligence.

04

The hardware foundation supporting the long-term imagination of robots is chips and intelligent driving capabilities, which BYD is also delivering as 'present tense'.

BYD currently urgently needs to prove to the market that self-developed batteries, vehicle-mounted chips, high-order intelligent driving, and whole vehicle contract manufacturing businesses are not just supporting costs for the manufacturing link, but high-quality assets that can be independently commercialized externally and create incremental revenue.

Currently, BYD's assisted driving vehicle stock exceeds 3.15 million units, generating over 200 million kilometers of intelligent driving related driving data daily, with over 5,000 intelligent driving R&D engineers.

The self-developed 4nm process intelligent driving chip 'Xuanji A3' was launched and mass-produced on a large scale in May, with a total computing power of three chips exceeding 2100 TOPS.

From this set of data, BYD's entire intelligent driving system achieves integrated layout of underlying data, algorithms, and self-developed chips, forming a technical closed loop for continuous self-iteration and optimization.

Millions of vehicles on the road continuously collect real road condition data. Massive real-scene test data is a core advantage difficult for most enterprises focusing on intelligent driving R&D to reach. Once domestic L3-level autonomous driving regulations are formally and fully implemented, BYD possesses the innate conditions for rapid scaled implementation of high-order intelligent driving.

Wang Chuanfu had no hidden feelings about this: 'Once L3 regulations are implemented, BYD will take off rapidly.'

05

After telling the story of technology, back to the current most realistic growth engine for BYD — the overseas market.

After capacity ramp-up is completed, BYD will focus on the two core markets of home and overseas simultaneously, among which overseas business is the growth segment with the strongest certainty at the present stage.

In May of this year, BYD's overseas car sales reached 160,600 units, up 80.7% year-on-year, setting a new record high. For the first 5 months of this year, cumulative export sales reached 614,500 units, accounting for 35% of total sales.

Wang Chuanfu explicitly stated that the overseas export target of 1.5 million units for 2026 set at the beginning of the year 'is now expected to be exceeded'. Currently, BYD has completed 40.96% of this year's overseas export target.

Not only that, Wang Chuanfu also proposed medium and long-term goals: in five years, BYD should achieve true number one in the world in scale. By 2030, achieve a sales blueprint of 10 million units through overseas expansion.

06

To support the globalization strategy, BYD is no longer limited to whole vehicle product exports, but moves to promote the landing of the entire industrial system overseas.

On the production side, local factories in Thailand, Brazil, and Uzbekistan are already in production; the Hungary production base is about to start operations; the Indonesia factory has entered the mass production preparation stage. On the logistics support level, the customized Ro-Ro fleet expanded to 8 ships, with annual capacity for 250,000-300,000 whole vehicle sea transport.

What deserves vigilance is that the high-speed expansion of overseas business also brings undeniable cost pressures: EU anti-subsidy tariff policies targeting domestic new energy models are gradually implemented; new factories in various places belong to heavy asset investments, lengthening the profit return cycle; increasing the gross margin of the overseas segment still requires long-term operation sedimentation.

This problem has no shortcut, only by relying on production capacity scale and brand premium to solve step by step.

07

If sales volume is BYD's 'face', then stock price is its 'underlying value', and this 'underlying value' keeps shareholders restless and sleepless.

At the shareholders' meeting, a shareholder directly stated on the spot that the company's performance in the capital market is far inferior to CATL, he was deeply trapped with heavy position, severe losses, and felt 'very sad'.

Facing shareholders' doubts, Wang Chuanfu responded emotionally, 'BYD is my life.'

He stated: 'Everyone recognizes our potential, but now our stock price hasn't reflected it.' He hopes shareholders stay patient and promises 'we will definitely realize better returns for shareholders'.

【Image Source: BYD Annual Report】

From data comparison, the contrast between BYD's performance and capital market is indeed glaring: In 2025, BYD revenue was 803.965 billion yuan, net profit 32.619 billion yuan, profitability ranking first among passenger car listed companies.

However, since the annual report disclosure, BYD's stock price and market value have oscillated downward. As of the close on June 18, BYD A-share and HK shares reported at 88.13 yuan/share and 80.85 HKD/share respectively.

In the view of 'Auto K-Line', this is indeed related to BYD's continuous sales decline since this year and Q1 profit drop, but more likely because the market still uses the perspective of 'automobile manufacturer' to measure a company turning into a 'tech platform'.

Wang Chuanfu said the worst moment has passed. Behind this sentence lies BYD's fully laid-out technology layout and long-term capacity planning.

This plan has a clear promotion rhythm, but also needs to withstand real cost pressures: long-term losses during capacity ramp-up phase, huge funds continuously thrown into overseas factories, etc., everything is wearing out shareholders' patience.

Views of AutosKline:

What is truly worth following up on may not be whether sales volume can continue to 'turn positive' in a certain month, but that BYD is already not just a car selling enterprise, it is transforming into a comprehensive industrial entity covering energy, intelligent driving, high-end manufacturing, and industrial robots step by step.

This is also the fundamental reason why the market needs to revalue BYD. As for when value revaluation will come, it depends on the actual promotion effect of technology landing, capacity expansion, etc. Before that, all investors willing to wait long-term are essentially paying for BYD's long-term growth potential.

Text is original by [Auto K-Line], content reference materials sourced from listed company announcements and industry public information (relevant companies and institutions should have the obligation to be truthful and responsible); part of the images come from the internet, copyright belongs to the original owners.

Articles of this account, without authorization, cannot be reprinted, violators will be held accountable. Meanwhile, article content does not constitute investment advice to anyone! Stock market risks are high, investment must be cautious!

In China's 2026 automotive market, an unprecedented "extreme 'ice and fire' contrast" is taking place. CPCA data shows that January to May domestic standard passenger car cumulative retail hit 7.099 million units, down 19.5% year-on-year. Fuel-powered vehicles encountered an even greater avalanche, with May fuel vehicle retail sales plummeting 39% year-on-year; among them, domestic brands dropped 39%, mainstream joint venture brands declined 41%. However amidst this "decline", BYD Group's January to May NEV cumulative sales exceeded 1.405 million units, securing the top spot for both Chinese car brands and NEV sales.

While the overall market declines and competitors compete fiercely, why is BYD riding the wave to lead? Piercing through the surface of sales figures, the three structural changes truly worth noting are...

“Counter-Trend Logic” in Downward Market: YoY Sales Decline ≠ Competitiveness Decline

Let's look at a set of data easily misinterpreted. BYD's January to May total sales were 1.405 million units, down 20.32% year-on-year. Looking at this number alone, some might conclude "BYD is done". But viewed in industry context, the conclusion is completely different.

First, base effect. 2025 same period sales were built on the policy dividend of full tax exemption for NEVs, whereas from January 2026 tax exemption changed to half exemption. Demand overhang brought by policy retreat is industry-wide, not unique to BYD.

Second, trend reversal. In May alone, BYD sales were 383,500 units, up 0.3% year-on-year, and up 19.4% month-on-month. This marks the first year-on-year turn positive for monthly sales since 2026, ending the previous 8 consecutive months of decline. Against the backdrop of the overall industry still in deep decline, BYD braked first, with clear turning point signals.

Third, share expansion. January to May, BYD ranked second in auto group sales rankings (1.405 million units), market share 11.5%; in NEV manufacturer rankings, with 766,000 units cumulative sales, it ranked first, market share as high as 20.7%. The cake is shrinking, but BYD's cut of the share is growing bigger.

Growth Engine Switch: Overseas Becomes Second Growth Pole

If domestic sales are BYD's basic platform, then the overseas market is becoming the real incremental engine.

In May, BYD overseas sales broke 160,000 for the first time, reaching 160,600 units, up 80.4% year-on-year, setting a new historical high. January to May overseas cumulative sales were 616,900 units, up 64.9% year-on-year. More worth noting is the structural change; May overseas sales share reached 41.9%.

What does this mean? Nearly half of BYD's sales come from the overseas market. While domestic sales were down 24.1% year-on-year, overseas filled the gap with over 80% growth rate. BYD is transforming from a "Chinese NEV automaker" to a "Global NEV automaker", this transition is far more important than monthly sales ups and downs.

From the model perspective, Seagull, Song PLUS, Yuan series continue to sell hot overseas, SHARK pickup sales exceeded 4,000 units for two consecutive months. From capacity perspective, BYD has laid out overseas factories in many locations including Thailand, Uzbekistan, Brazil, Hungary. From strategy perspective, BYD expects annual exports of 1.7 million units, up another 62% year-on-year. Overseas business high growth not only hedged domestic market downward pressure, but also optimized overall profit structure with higher per vehicle ASP and profitability.

Technology and Scale "Double Moat": Barriers Others Can't Learn

Sales are just results; what truly supports BYD's continuous leadership is the double moat built by technology and scale.

On the technology end, Flash Charge is redefining EV experience. March 2026, BYD launched 2nd Gen Blade Battery and Flash Charge technology; charging from 10% to 70% takes only 5 minutes at room temperature, 10% to 97% takes only 9 minutes; even in sub-zero 30℃ extreme cold, charging from 20% to 97% takes only 3 minutes more than room temperature. This is not parameter piling, but systematic attack on "slow charging" and "difficulty charging in low temp", the two electrification world problems. As of May, BYD has laid out 6,682 Flash Charge stations in 321 cities nationwide, planning to reach 20,000 stations by year-end. Models equipped with Flash Charge tech, such as 3rd Gen Yuan PLUS, Fang Cheng Bao Bao 5/ Bao 8 Flash Charge version, Denza N9 Flash Charge version, have launched densely.

On the intelligence end, data flywheel of 3.15 million vehicles is accelerating. As of May 28, BYD ADAS vehicle stock exceeded 3.15 million units; "Heavenly Eye" generates over 200 million km daily. The more data, the faster algorithm iteration; the better the algorithm, the better user experience. This is a typical "Data Flywheel" effect. BYD committed first to guarantee city pilot safety for one year, and announced all series models optional for "Heavenly Eye B" smart driving solution.

On the scale end, 8 models monthly sales breaking 20,000 "army group operations". In May, Dynasty Series Yuan, Song delivered 56,691 units, 51,370 units respectively; Ocean Series Seagull, Dolphin, Seal, Sea Lion, Song PLUS, five models all broke 20,000. BYD Song even took May all models sales top with 75,825 units. Releasing volume for multiple models simultaneously tests supply chain stability, production efficiency and cost control capability; this is exactly the systematic advantage brought by 1.4 million units scale.

Conclusion:

China's 2026 automotive market, competition logic has completely changed. Marginal effect of price wars is decreasing, tech wars and experience wars have just begun. In a market where overall trends are downward and policy dividends are fading, BYD proved a simple truth with 1.405 million units cumulative sales: what truly determines whether an enterprise can grow continuously is technology, scale, and globalization capability.

Domestic sales are bottoming out and recovering, overseas market continues high advance, Flash Charge technology and intelligence strategy dual-wheel drive. BYD's leadership does not come from a single dimension advantage, but from systematic barriers built from multiple dimensions. For the whole industry, BYD's case also provides a clear signal: NEV competition first half is about who gets on the car first, second half is about who runs further.

In May, China's new energy vehicle penetration rate hit a new high again, reaching 62.9%. In early June, the single-week rate even broke 70%. BYD exerted efforts in both technology and products. In May, the brand alone secured 330,000 sales, leading by a landslide. From January to May, BYD brand cumulative sales reached 1.208 million units, still firmly holding the top spot. Not just the brand, according to automotive group classification, BYD remains first, still leading by a landslide. Perhaps we are accustomed to BYD topping the charts, yet most people fail to combine these two facts. 1.208 million units is just the tip of the iceberg; more terrifying giants are actually beneath the surface.

In the past, BYD had also lost the single-month sales championship, such as during the off-season of January and February. At that time, no matter which brand surged up, it was only temporary. More importantly, the brand that surged up did not play an obvious driving role. BYD is different; during its surge, it drives the rise of new energy penetration rates. Previously, when Qin Plus DM-i emerged, it was like this. New energy penetration rose from less than 30% at that time to over 50%.

In the first half of this year, especially after the flash charging technology was released on March 5th, BYD welcomed another explosion. On the surface, it's a monthly sales figure of over 300,000, but what is truly terrifying are those unfulfilled orders. The second-generation Blade Battery is too in demand, so Denza and Fang Cheng Bao are both fighting the Dynasty and Ocean Networks for batteries. Even though the FinDreams factory has already been working overtime, the delivery speed still can't keep up with the order growth rate.

More noteworthy is that this wave of BYD's sales surge did not rely on price wars. I analyze two main reasons: First is flash charging technology, fully charged in 5 minutes, fully powered in 9 minutes, even at -30 degrees, it takes only 3 minutes more. It solves not only the pain point of slow charging, but also due to the popularity of flash charging piles, it directly widens the core gap with other brand electric vehicles. For pure electric models, your usage experience and my usage experience are completely different. The quantitative change in charging speed has developed into a qualitative change in experience. So many consumers would rather wait than choose models without flash charging. This is a technology war, a value war!

Even more ruthless is the ADAS safety net strategy. After the strategy release, the selection of God's Eye B increased, and usage volume surged even more. More importantly, the safety net strategy replaced promotion with action. Who has better ADAS, don't look at what is said, look at what the car companies do! I dare to guarantee smart parking, dare to guarantee urban navigation pilot! This is not just technical confidence, bringing us one step closer to L3, but also a rectification of marketing in the automotive industry. You claim you're in the first tier, you claim you are far ahead. Come on, I'm covering the risk, will you follow? Consumers are not fools. What you say is flowery, it is not as good as BYD's actual actions. This is a cognition war, a service war!

BYD calls itself a leader in new energy vehicles, not just talk. It is indeed pulling the industry forward, and also leads by example, guiding industry progress. After BYD launched DM-i, everyone followed up with plug-in hybrids, which is indeed keeping up, and also took away a lot of low-price market occupied by BYD. Now BYD has accelerated again. Flash charging technology is a large technical threshold. From PPT to implementation on vehicles, it takes considerable time. Plus flash charging piles are already all over the country, making it harder for followers to catch up.

And ADAS guarantee is a clear strategy, testing not only peers' technical level but also overall vehicle integration capability and service quality. If technology isn't good, you can make two pages of PPT to confuse consumer cognition, but promises are written in black on white, not just talk. And until now, no one dares to follow up solidly.

Currently, BYD's growth engine has started. Not only are domestic orders surging, overseas is also full of good news. In May, BYD passenger cars and pickups overseas sales hit a new high, year-on-year increase exceeded 80%, Jan-May cumulative exports exceeded 610,000 units. From Seagull, Yuan PLUS such civilian models, to SHARK pickup, to Denza high-end product line, BYD's full category models are continuously selling well in the global market. In dozens of countries such as Thailand, Brazil, Italy, BYD has firmly held the top spot in new energy sales, brand recognition and market share rising in sync.

Many people don't know, BYD's pricing overseas is far higher than domestic: Yuan PLUS price in UK is comparable to BMW 3 Series, Denza Z9GT pricing in Europe benchmarks Porsche Taycan.

Even more worth looking forward to, this is far from BYD's full strength. In the second half of the year, BYD will welcome a new round of product year: Dynasty Network's Da Tang, Da Han will welcome flagship updates, Ocean Network's Seal 08, Sea Lion 08 will complete mainstream market product line, Denza Z Hypercar will land Goodwood for global premiere, Fang Cheng Bao S series will also launch in Q3 to challenge the performance market. These models will all be equipped with second-generation Blade Battery and God's Eye ADAS system, and the speed of technology downgrading is still accelerating.

BYD's speed is "Chinese Speed", it is setting standards for the industry with its own actions. All competitors have no other choice, either keep up or get eliminated. With a big boss like BYD here, the elimination round is about to start.

May 2026, China's auto market delivered a rather divided report card. Overall passenger vehicle retail sales declined by 22.1% year-on-year, with fuel-powered vehicles plummeting even more by 39%. However, amidst this "decline", BYD achieved a monthly sales volume of 383,000 units, with a cumulative 1.405 million units from January to May, firmly securing the top spot for both Chinese car brands and new energy vehicle sales.

 

This number itself is not surprising — after all, BYD has ranked first in domestic new energy vehicles for 60 consecutive months. The real question worth asking is: in a market overall declining with fading policy dividends, why is it still them?

 

Behind the sales figures lie two underestimated structural changes

 

First change: The market logic has changed. Car market competition is no longer a rough game of "whoever gets more subsidies sells better". Starting January 2026, new energy vehicle purchase tax was changed from full exemption to half-tax collection, marking the recession of policy dividends. Consumers began to truly focus on charging efficiency, intelligent experience, product reliability, and the brand's long-term service capabilities. In other words, the marginal effect of price wars is diminishing, while the war of technology and experience is just beginning.

 

BYD's total sales from January to May were 1.405 million units, a 20.32% decline year-on-year — this "decline" needs to be understood in a specific context: The sales volume in the same period last year was built upon borrowed demand due to full tax exemption. Excluding this one-time factor, BYD's "real demand" foundation has not loosened. The single-month sales volume in May grew by 19.4% month-over-month, and year-on-year figures have turned positive, indicating the market is returning to a normal track.

 

Second change: Growth engines are switching. In May, BYD's overseas sales reached 160,600 units, a year-on-year increase of 80.4%, with the overseas sales ratio already reaching 41.9%. Overseas cumulative sales from January to May were 616,900 units, a year-on-year increase of 64.9%. While domestic sales declined by 24.1% year-on-year, overseas sales grew at a rate of over 80%, filling the gap. BYD is transforming from a "Chinese new energy car company" to a "Global new energy car company" — this transformation is far more important than monthly sales fluctuations.

 

Flash Charging: Solving Anxiety, Changing the Landscape

 

From a technical perspective, what deserves the most attention is not those dazzling parameters, but that BYD solved a fatal experience pain point for electric vehicles.

 

The second-generation Blade Battery takes only 5 minutes to charge from 10% to 70% at room temperature, and 9 minutes to charge from 10% to 97%. In an environment of minus 30°C, charging from 20% to 97% takes only 3 minutes more than at room temperature. This is not a pile-up of parameters, but a systematic conquest of the two world-wide electrification difficulties: "slow charging" and "difficulty in low-temperature charging".

 

More critically, it is the speed of implementation. As of May 2026, BYD has built over 6,100 flash charging stations, with the goal of reaching 20,000 by year-end. Models equipped with flash charging technology, such as the 3rd Gen Yuan PLUS, Fang Cheng Bao Bao 5/8 Flash Charging Edition, and Denza N9 Flash Charging Edition, have been launched intensively. CITIC Securities predicts that the second-generation flash charging models may achieve a monthly delivery increase of 20,000 to 30,000 units in the second half of the year, accounting for about 30% of the annual sales.

 

The logic of this combination of moves is very clear: Use technology to solve users' real anxiety, use infrastructure to eliminate users' charging concerns, and then use the product matrix to convert technical dividends into sales. It is not competing with opponents to see who cuts prices more, but redefining what an "electric vehicle should look like".

 

Intelligent Driving: The "Data Flywheel" of 3.15 Million Vehicles

 

The competition in intelligence is, in essence, a competition in data.

 

As of May 28, BYD's assisted driving vehicle ownership exceeded 3.15 million units, and "Sky Eye" generates over 200 million kilometers of data daily. What do these two numbers mean? They mean BYD possesses the largest pool of real road condition data among Chinese car companies. The more data, the faster the algorithm iteration; the better the algorithm, the better the user experience; the better the experience, the more people are willing to use it — this is a typical "Data Flywheel".

 

On May 28, BYD held an intelligent strategy launch event, announcing that all series models can be equipped with the "Sky Eye B" assisted driving LiDAR version, with an option price of 12,000 yuan. More critically, BYD was the first to commit to guaranteeing safety for city pilot for one year. The subtext of this action is: I not only let you "dare to use", but I also "guarantee safety" for you. At a time when intelligent driving accidents occur frequently and users are cautious, this is more effective in eliminating consumer defenses than any technical parameter.

 

Going Global: From "Selling Out" to "Taking Root"

 

Overseas sales exceeded 160,000 units, a year-on-year increase of 80.7% — the value of this number lies not in the "quantity", but in "how it was achieved".

 

BYD's global expansion is no longer simple product export. The Brazil factory was renovated from an old Ford factory, with the first vehicle coming off the line in 2025; The Thailand factory went into production in 2024 with an annual capacity of 150,000 units; The Hungary factory also serves as the European headquarters. Plans are also being laid out in Indonesia, Uzbekistan, and other places. This is not "selling cars", this is "building a system".

 

In product strategy, BYD adopts "one region, one policy": Promoting Seagull in Southeast Asia, Bao 5 in the Middle East, and Song PLUS EV in Europe. The SHARK pickup truck exceeded 4,000 units in sales for two consecutive months. The ability to precisely match regional needs is backed by a globalized operational capability integrating supply chain, manufacturing, and channels.

 

Of course, risks exist as well. EU tariffs hikes, some countries setting localization production thresholds, and the cost of building overseas after-sales service systems are all real challenges. But BYD's choice is clear: rather than passively responding to trade barriers, it is better to proactively localize. Acquiring existing factories and collaborating with locals to build plants is essentially a strategic choice of "trading time for space".

On May 21, the BYD Third-generation Yuan PLUS officially launched. The new car offers 4 models, with a price range of 119,900-149,900 RMB. As a replacement product, the new car will be built on the e-Platform 3.0 Evo, adopting rear-wheel drive and featuring standard 2nd-generation Blade Battery + Flash Charging technology. In addition, the vehicle appearance and interior have both been significantly upgraded, and it offers God's Eye B High-level Intelligent Driving.

Let's first talk about what everyone cares about most: Range and Charging, which is also the new car's biggest highlight. The Third-generation Yuan PLUS comes standard with the 2nd-generation Blade Battery across the entire series; safety and durability go without saying, as it is BYD's signature technology. The range offers two versions: 540 km and 630 km. It is completely sufficient for daily commuting and weekend trips around the area, and there is no need to panic even when running mid-to-long distances.

Regarding charging, it directly solves the pain points of pure electric vehicles. The new car comes standard with BYD Flash Charging technology, official data is very solid: 5 minutes to charge enough, 9 minutes to charge fully. Even in extreme cold weather at minus 30 degrees, it only takes 3 minutes longer than room temperature. Equipped with a user-friendly zero-gravity flash charging gun, charging does not require bending over or exerting effort. It also supports invisible payment; just walk away after charging without operating the phone.

Currently, BYD nationwide flash charging stations have exceeded 6,000. Along the way when going out, fast charging points can basically be found. The new car also comes with 1 year of free flash charging rights. Daily usage costs are lower, completely saying goodbye to the troubles of "charging slow, finding piles difficult".

Intelligent driving and parking are also arranged very well. The Third-generation Yuan PLUS can be optionally equipped with God's Eye B - Assistance Driving Laser Edition, which is DiPilot 300, paired with the latest God's Eye 5.0. It has stronger learning capabilities, can achieve pilot assistance on city roads and highways, handles traffic jams and complex road conditions easily, making driving easier.

Third-generation Yuan Plus

The new car is built based on the BYD e-Platform 3.0 Evo architecture. The biggest structural change is switching completely from the current front-wheel drive layout to a rear-wheel drive layout. It offers two motor versions: 200kW and 240kW, with a maximum torque reaching 310N · m. The chassis is synchronously upgraded to front MacPherson rear five-link independent suspension. High-spec models are equipped with DiSus-C Intelligent Damping Body Control System and iTAC Intelligent Torque Control System. The entire series comes standard with the 2nd-generation Blade Battery and 800V High-voltage Flash Charging technology, greatly relieving users' energy replenishment anxiety.

Body dimensions are comprehensively expanded. The new car's length, width, and height are 4665 × 1895 × 1675mm respectively. The wheelbase reaches 2770mm, longer by 210mm and 50mm than the current model respectively. Trunk capacity is 750L, with a new 180L electric front trunk added, a total of 39 storage spaces are set for the whole vehicle. Appearance continues the Dragon Face design language, offering 6 brand new car colors including Dream Pink, Playful Blue, Aura Green, etc., and two-tone versions, equipped with semi-hidden door handles and horizontal wave tail lights.

Interior is upgraded to a minimalist tech style, replacing with a brand new dual-spoke steering wheel and electronic column gear shift. The center console adds a wireless charging panel, retaining some physical buttons. In terms of comfort configuration, it offers Queen's Co-pilot (electric leg rest + ventilation heating), intelligent warm/cold refrigerator, 16-speaker audio system, and 256-color ambient lighting, etc. In terms of safety, it is equipped with 7 airbags, TBC High-speed Tire Blowout Stabilization System, and Far-end Airbag.

In terms of the intelligent cockpit, the new car comes standard with DiLink 150 Intelligent Cockpit System and a 15.6-inch adaptive rotating floating screen. In terms of intelligent driving, it comes standard with God's Eye C Assistance Driving System (DiPilot 100), supporting Full-speed Adaptive Cruise Control, AEB Automatic Emergency Braking, and LKA Lane Keeping Assist, etc. High-spec models can optionally upgrade the LiDAR to God's Eye B Intelligent Driving System, supporting City NOA and High-level Automatic Parking.

Auto Circle Car Review

When BYD Yuan PLUS was just launched in 2022, the domestic pure electric compact SUV market was still in a blue ocean market. The competitors it faced were only models like AION Y and Geometry C. Therefore, it quickly won the market, achieving sales of over 10,000 in its first full delivery month, and only took 14 months to reach the 300,000 unit milestone, dominating the sales champion list of the same level for a long time, establishing a benchmark status. It is worth mentioning that it is also BYD's first global model, becoming a bridgehead product for entering the overseas market.

As of April 24, 2026, BYD Yuan PLUS (Overseas Name ATTO 3) has covered 116 countries and regions and achieved sales of over 1.1 million units in the global market, including overseas markets such as Thailand, Singapore, Australia, Sweden, and Israel, where it has achieved sales champion status in the local new energy market, successfully helping BYD open the door to the overseas market. However, in the domestic market, with the constant arrival of new same-level competitors in the past 2 years, Yuan PLUS's market influence has gradually been affected.

Actually, at BYD's technology launch event in March this year, the Third-generation Yuan PLUS did not appear in the lineup of the first batch of 11 models equipped with 2nd-generation Blade Battery and Megawatt Flash Charging technology. At that time, I also had a doubt, that whether this technology could be applied to products around 100,000 RMB, and when it would be applied. Unexpectedly, in just two months, the Third-generation Yuan PLUS arrived. After a full-dimensional upgrade in product power, its price is basically flat with the old models. What kind of market performance it will achieve, and how competitors will respond, let us wait and see.

Recently, during a media event in Melbourne, Australia, BYD Vice President Liu Xueliang was asked by the media whether the company would assemble new cars locally. He stated that the company remains open to producing automotive parts and even complete vehicle assembly locally in the future, playfully throwing out the phrase "Anything is possible!", sparking speculation.

According to media reports, Australian Prime Minister Anthony Albanese recently stated that the technological changes brought by the wave of electric vehicles could become an opportunity for Australia to revitalize its automotive manufacturing industry. However, when asked whether BYD has discussed relevant plans with the Australian government, Liu Xueliang responded that the relevant projects have not yet been included in formal planning.

"At this stage, this is not in our plans. Our primary task remains to expand sales and meet consumer demands. However, BYD always remains open to opportunities, so anything is possible to happen."

When Liu Xueliang attended the relevant event, BYD's exclusive car transport fleet, the "Zhengzhou", had just arrived at Melbourne Port and began unloading 4,309 new cars shipped from Shanghai. He also revealed that future development focus for BYD in the Australian market would not be limited to the passenger car sector but would further expand into the commercial vehicle market.

"Everyone has seen BYD's energy storage system products, but in the future what we bring includes not only passenger cars but also more commercial vehicle products. I believe many commercial vehicle practitioners currently face significant pressure because diesel prices have risen significantly."

Relying on a highly vertically integrated supply chain system, BYD has obvious advantages in cost control. The company controls most supply chain resources from batteries to key components, helping to improve production efficiency and reduce manufacturing costs.

In the Australian market, BYD has now risen to become the second largest selling car brand locally, second only to Toyota. Besides production bases in China, BYD also has automotive production facilities in Thailand, Brazil, and Uzbekistan, while operating a battery factory in California, USA, and plans to build multiple production bases in Europe in the future.

In fact, Australia and China signed a Free Trade Agreement (FTA) as early as 2015. At that time, Australia's automotive manufacturing industry was gradually exiting the historical stage. Ford closed its local production business in 2016, while Holden and Toyota ended their Australian manufacturing businesses in 2017 respectively.

Benefiting from the Free Trade Agreement, imported Chinese cars currently enter the Australian market without paying tariffs or import taxes, enjoying the same treatment as imported vehicles from countries such as Japan and Thailand that have also signed free trade agreements with Australia.

Although BYD does not currently have a specific timeline for setting up a factory in Australia, judging from the management's statement that "anything is possible to happen", the possibility of producing parts or even CKD assembly locally in the future is obviously not excluded.

Snatching Toyota.

Writer｜Hu Chengxu Editor｜Mao Shiyang

Auto Pixel (ID:autopix)Original

June 9, like in previous years, BYD held its 2025 Annual Shareholders' Meeting at its headquarters in Pingshan, Shenzhen.

More people came than in previous years, so the company temporarily moved the venue from a meeting room to the hall usually used for press conferences. Wang Chuanfu said on stage that nearly 1,000 people attended today, the most in history.

During the Q&A session, a long-term shareholder with heavy stakes stood up. He wanted to know where the company would head next.

In Wang Chuanfu's answer, a word appeared for the first time: "Global No. 1". He said that in the next three to five years, BYD will continue to grow. After five years, in terms of scale, it will achieve "true Global No. 1".

Not No. 1 in New Energy, not No. 1 in China, but No. 1 in total vehicle scale including Toyota, Volkswagen, Hyundai Kia, etc.

When saying this, BYD was experiencing the biggest deceleration since the New Energy era. In the first five months of 2026, BYD sold 788,000 vehicles domestically, down 43.3% year-on-year. The Chinese market is becoming increasingly difficult to provide the incremental growth it enjoyed in the past.

So Wang Chuanfu's goal truly points to overseas.

Take a closer look at what BYD has done in the past two to three years, this goal is not strange. Its playbook no longer resembles that of a company only wanting a seat at the table overseas.

01

What BYD Wants to Grab,

is the Base of Toyota, Hyundai, et al.

To understand how far BYD is from its goal, one must first look at the gap.

Today, the global No. 1 in auto sales is Toyota, selling a bit over 10 million a year; BYD sold 4.6 million vehicles in 2025, ranking sixth globally. There is a gap of more than 5 million vehicles in between, roughly equivalent to creating another BYD of today's scale on top of its existing volume.

As for this extra 5 million-plus vehicles, what is certain is that most of it will not come from the domestic market.

In 2025, China's New Energy penetration rate reached 53.9%, approaching the ceiling; BYD's domestic sales that year fell instead of rose, down by over 300,000 vehicles compared to 2024.

Geely, Chery, and Changan are all chasing, and this local board is nearly at its peak, with limited incremental growth left to extract. The growth gap is thus pushed overseas as a whole. Outside China, the global New Energy penetration rate is still just over 11%.

But "overseas" is never a single block; its biggest chunks happen to be where BYD cannot enter. The US uses tariff and regulatory barriers to seal off the world's largest and most profitable market; Japan and South Korea are fortresses of local brands, hard for outsiders to pry open; India blocks Chinese cars out with high tariffs and entry barriers.

What remains available are South America, Southeast Asia, Central Asia, Australia, the UK, Gulf States, as well as parts of Europe and Mexico. The market set is smaller, and the share burden for each location to reach is heavier.

And these open markets are none of them empty fields.

Southeast Asia is Toyota's home court, where it holds nearly 40% share; BYD has only just squeezed into the top 3 in Thailand. Australia is even more extreme, with Toyota holding sales No. 1 for 23 consecutive years, sales at two and a half times the second place; Gulf States are the common dominion of Toyota and Hyundai Kia, where Toyota's market share is champion in countries like Saudi Arabia, UAE, and Oman.

Only in Brazil is the stock held by Stellantis, Volkswagen, Hyundai Kia, and Renault.

List the owners of these markets one by one, names will repeat constantly; the most frequent is Toyota, followed by Hyundai Kia, then Volkswagen, Stellantis, and other European automakers.

So the overseas granary BYD wants to grab is a very specific existing stock, the base built up over decades of fuel cars by Japanese and Korean automakers.

What it truly wants to replace is RAV4, Corolla, Elantra, Creta and similar economy, durable, high-volume cars sold for decades, using its own DM-i PHEV and Blade Battery EV to replace them one by one within the highest-volume price bands in each market.

Straighten out the chain, and the slogan "Global No. 1" landing on the ground is actually a simpler sentence: BYD must take the home base they've sold for decades within the Toyota and Hyundai Kia base.

This is a ruthless fight; how many opportunities does it have?

02

Wang Chuanfu Writes Growth into a Production Schedule

Faced with questions like "how to go from sixth to first", Wang Chuanfu's habit is to rewrite it as a supply-side arithmetic problem.

On June 9, what he talked about most was not the market, but production capacity. He said how many cars can be sold this year depends on how many batteries can be built; the capacity of the 2nd Gen Blade Battery is climbing month by month, adding 20,000 to 30,000 sets each month; production capacity will be released on a large scale by 2027, and both domestic and overseas markets will see volume increases.

An issue that should be about market and product was interpreted by him as "how much I can make". In his narrative, demand seems assumed sufficient, and the bottleneck lies on his production lines.

Wang Chuanfu seems to believe that if the technology curve of domestic New Energy in the past three years reenacts overseas, the remaining problems can be left to the production schedule.

This logic can explain BYD's overseas layout over the past two years.

It has at least six factories under construction or planned overseas: the Brazil Camaçari plant is a renovation of an old factory exited by Ford, secured in 2023, with the first car rolling off the line in July 2025, targeting 300,000 capacity by end of 2026; the Thailand plant started production in 2024, with an annual capacity of 150,000; the Hungary Szeged plant serves as Europe HQ; Turkey plans to invest 1 billion USD (potentially delayed); Uzbekistan and Indonesia each have points set up.

BYD's playbook's starting point is a bet on speed.

Looking back at BYD's rise domestically, it relied on technology first. In 2021, the 4th Gen DM-i made PHEV the same price as same-level fuel cars with lower fuel consumption; the Blade Battery simultaneously solved safety and cost, with PHEV annual sales jumping from 270,000 to over 2 million vehicles in two or three years.

During those years, China's New Energy market was almost empty; whoever put electric cars that were easy to use and cheap on shelves first could capture whole chunks of incremental growth.

This playbook continues to now. At this year's shareholders' meeting, Wang Chuanfu said "I spend about half my time every week swimming in the ocean of technology", believing he is "one of the 120,000 engineers inside BYD".

But now this playbook's process of converting to sales is not so smooth. Geely, Chery, Leapmotor have caught up one by one; DM-i is no longer a secret technique; not just BYD makes Flash Charge.

Technology is becoming more homogeneous, approaching the physical ceiling further; taking half a step forward brings less and less sales.

Overseas is another matter. Outside China, New Energy is still at the starting point BYD faced years ago: low penetration, few good cars, high prices, most markets still dominated by fuel cars.

The technology curve that once lifted BYD to sixth globally has barely started climbing overseas. What BYD wants to do is take the most advantageous position before this curve rises, copying the success already verified domestically exactly onto a larger plate.

This explains why the overseas game is played heavily and urgently. BYD judges the window period is limited; once overseas New Energy also ramps up, pursuers will flood in as they did domestically, and the time left for first movers might not be longer.

It is unwilling to spend time waiting for the market to mature, and even less willing to hand over initiative.

This June, foreign media claimed BYD is considering acquiring an old European factory, having looked at "many factories" in Europe and is talking with automakers including Stellantis.

BYD prefers independently operated factories; it wants to take over brownfield factories that can be quickly renovated and operated independently with clear ownership and operational boundaries, rather than getting stuck again in existing European auto JV, leasing, or multi-party interest structures.

Key factories and supply chain self-led; distribution and brand also controlled by self as much as possible, serving efficiency and speed. It would rather not have risk-sharing partners first, and have a decision chain that can drive the fastest.

The Brazil old factory renovation took only 16 months from groundbreaking to first car off the line. Export modules are the same; a 6 to 8-ship fleet brings overseas logistics into its own hands. On the channel end, BYD took an equity stake in a Thai local dealer, bound a dealer group with over 100 stores in Latin America; UK authorized stores increased from 52 to 125 in one year, and signed a 100,000 unit deal with Uber.

Following this logic, overseas moves connect into a line. The strategy Wang Chuanfu launched is a replicable template; this is why when asked about sales, he answers with "production schedule" logic.

Whether it holds ultimately rests on that most fundamental judgment: the technology-pulled market curve, how steep it was domestically in recent years, will be equally steep in many overseas markets in coming years.

As long as this judgment holds, simplifying the problem into a production schedule is the fastest solution.

03

BYD VS Geely

Same Overseas Expansion, Different Betting Methods

A easily occurring misunderstanding is summarizing BYD's overseas expansion as "more valued" than Chery or Geely.

In terms of aggressiveness, all three are actually neck and neck. In terms of overseas volume, Chery sold 1.34 million vehicles overseas in 2025, nearly 300,000 more than BYD, sitting on the Chinese passenger vehicle export champion spot for over 20 consecutive years; in terms of capital courage, Geely has bought all the way from Volvo, Lotus, Polestar to a powertrain JV with Renault.

The real difference is not in the degree of aggressiveness, but in the strategic judgment behind the aggressiveness.

Chery bets on export breadth: complete vehicle export plus semi-knocked-down assembly, spreading cars to corners others can't reach, essentially an asset-light playbook.

Geely bets on capital and alliances; Li Shufu is more like an allocator. He grabs core capabilities on one side, polishing smart and New Energy tech to optimal; on the other side, he takes shares and makes allies, seeking leverage at the factory and channel levels.

▍Li Shufu

This year, Geely's Qianli Haohan G-ASD obtained EU UN R171 certification, becoming the first Chinese ADAS system to pass this regulatory certification; equipped models can be sold in the EU without country-by-country re-certification.

At the same time, Geely integrated Gothenburg and Frankfurt R&D teams, established Geely Technology Europe, planning to compress the launch time gap between China and overseas models from over a year to within 6 months.

Also this year, Lynk & Co's Europe sales reuse Volvo resources; Geely in South Korea and South America reuses Renault resources. Gan Jiayue of Geely Automobile has said, Chinese brands going overseas is not to "conquer", but to "walk in", local JVs, reusing local resources to make win-wins, this is the natural expression of this logic.

Behind the three choices are three strategic judgments, and also three judgments on where the moat should be built.

Geely's judgment on tech replacement is not so anxious. In March this year, at the Geely Holding FY2025 performance press conference, CEO Gui Shengyue said the future economy passenger car market will likely be replaced by robotaxis. Shortly after, Geely became one of Nvidia's automotive partners.

This judgment shows Geely does not see today's New Energy competition as the final outcome. It believes there will be longer tech rearrangements after the auto industry, so it is more willing to keep elasticity using cooperation and capital allocation.

Because of this difference, Geely is not anxious to raise "No. 1", nor will it compress the time to first to five years. It is more like betting on the future rather than pressing all chips on this current New Energy replacement round. So Geely's choices overseas are almost the opposite of BYD's: willing to accept slower, more dispersed, more complex.

BYD wants to maximize scale with batteries, factories, fleets, and channels; Geely is more willing to take more positions in tech routes, regional markets, and partnership relationships.

04

The Other Side of the Production Schedule

Reaching No. 1 in scale is a goal setting, a strategic judgment, and will eventually become a structure.

In 2026, Geely, Chery, Changan, Great Wall almost all offered oil-electric hybrids, to grab Toyota THS share in markets with inconvenient charging,唯独 BYD absent.

Technically it is not incapable. This round of HEV by Chinese automakers is not replicating Toyota THS. It bypasses engines, planetary gears, and long-term calibration that old auto giants are good at, pulling the battlefield back to electric drive systems more familiar to Chinese automakers, downsizing batteries, removing external charging, keeping the PHEV low fuel logic, becoming a hybrid that doesn't need charging.

But BYD chose not to do it, turning to laying charging facilities overseas.

In March this year, BYD booked a stadium with 18,000 seats to launch the 2nd Gen Blade Battery, simultaneously launching the plan "Flash Charge China, Change the World". Wang Chuanfu spoke alone for an hour and a half; the press conference dragged from two hours to three hours; it set a year-end goal to build 20,000 flash charge stations domestically, with capital expenditure in the billions, and changed flash charge stations to integrated storage and charging solutions with built-in storage cabinets, bypassing the trouble of applying to the grid for capacity expansion, deploying on three parking spots.

From year-end, these piles will start spreading overseas; the MW-level network in Europe has already been demonstrated at the Munich Auto Show.

Building charging piles in target markets is the latest chapter in BYD's overseas line, possibly the most money-burning chapter. BYD bets that once the charging network is laid out, the transitional form matters less. Others keep hybrids; BYD chooses not to bet on multiple fields, pressing all chips on this New Energy transition round.

Put these together, it is a consistent logic: growth is punched out section by section from factories, technology, and charging piles.

BYD is almost the only domestic automaker highly controlling everything from supply chain vertical integration to overseas assets. This heavy asset model makes scale a must-do; in this dimension, sales "No. 1" is just a byproduct.

Vertical integration is only worth it when spread to world-class scale; maintaining a fleet requires enough exports to fill it; building cell capacity at that level requires enough whole vehicles to digest it; investing billions to lay 20,000 charging piles requires enough installed base to feed it.

Chery can stop at export champion; Geely can be a large enough multi-brand group; if BYD's scale is not larger than them, the efficiency of this setup cannot be guaranteed.

This gives BYD the possibility to challenge for Global No. 1, and makes it very hard to accept a "not big enough" result.

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BYD has confirmed it will soon export its "Fang Cheng Bao Titanium 7" luxury 7-seater SUV from the domestic market to international markets, but it will be launched in international markets under the name BYD Ti7, and it has been confirmed that a right-hand drive version will be available.

Fang Cheng Bao is a sub-brand of BYD Group positioned as luxury high-end in the domestic market. The Denza B8 released in Malaysia recently is actually a rebadged version of the "Fang Cheng Bao Leopard 8", and this time the BYD Ti7 is based on the "Fang Cheng Bao Titanium 7". Both are box-shaped 7-seater SUVs, but there are some differences in details and product positioning.

In terms of appearance, the silhouettes of the two look similar, but a closer look reveals the BYD Ti7's headlight group features an upgraded two-stage L-shaped LED daytime running light, while the Denza B8 has a complete C-shape design. Additionally, details such as the front bumper, side C-pillar, door handles, and taillight design are also different, but both adopt a rear-mounted spare tire.

There are also differences in body dimensions. The specific dimensions of the BYD Ti7 are 5016×1995×1865mm (Length x Width x Height), with a wheelbase of 2920mm. While the Denza B8 is 5195×1994×1905mm, the wheelbase is the same at 2920mm, so apart from the wheelbase, there is a discrepancy in body length and height.

Another difference lies in the chassis and body structure. The Denza B8 (Leopard 8) adopts a body-on-frame chassis design, which generally handles off-road requirements better; while the Ti7 (Titanium 7) adopts a unibody structure, with the benefit of better comfort and suitability for general road driving, but in off-road aspects, it is inferior to body-on-frame chassis due to inherent conditions.

In terms of power, Ti7 is equipped with BYD Group's DMO plug-in hybrid (PHEV) system, consisting of a 1.5L four-cylinder turbocharged petrol engine paired with two motors to form an AWD four-wheel drive system. Comprehensive horsepower reaches 489PS, comprehensive torque 630Nm. The manufacturer announced its 0-100km/h acceleration time is 4.8 seconds, with a top speed of 190km/h.

Regarding the battery part, BYD Ti7 offers two battery capacity options: 26.6 and 35.6kWh. The former can achieve 80km (WLTP Standard) pure electric range, while the latter can achieve 127km pure electric range. Moreover, the manufacturer claims both battery capacities support DC fast charging and can charge from 30% to 80% within 17.5 minutes.

Regarding equipment, BYD Ti7 will come standard with a 15.6-inch central control screen head unit, 10.25-inch fully digital instrument cluster, 26-inch color Head-Up Display (HUD), electric seats with heating and air conditioning ventilation, active sound system composed of 16 speakers, small refrigerator integrated in the front center armrest box, etc. These features have almost become standard equipment in the current domestic high-end new energy vehicle market.

It should be noted that the domestic original model "Fang Cheng Bao Titanium 7" of BYD Ti7, besides the PHEV hybrid version, also launched a pure electric version. It has single motor and dual motor configurations, paired with 92 or 105.7kWh batteries, with ranges reaching 675 and 755 kilometers respectively. However, currently only the PHEV hybrid version Ti7 is confirmed to be exported to international markets, and there is no official information regarding the export of the pure electric version for now.

As the 2026 USA, Canada, and Mexico World Cup approaches, Chinese football achieves a highlight moment on the distant European stage. The team that won the championship is the Chinese "Boy Football" Football Juniors 2014 (U12) team.

On June 2 Beijing Time, the Italy SIGISMONDI International Youth Cup concluded. Led by Dong Lu, the Chinese Football Juniors 2014 (U12) team went through seven grueling matches, defeating the Premier League powerhouse Everton youth squad 5-4 in a penalty shootout. With a dominant performance of seven wins from seven games, 21 goals scored and only 2 conceded, they lifted the championship trophy, becoming the first Asian team to reach the summit since the event was founded, with the Five-Star Red Flag flying high on the European U12 "Little World Cup" stage.

This tournament brought together 48 top youth training teams from around the world. Youth squads from multiple long-established European clubs such as Everton, Fiorentina, Copenhagen, and Braga all participated, making the tournament highly competitive. In the group stage, the Chinese Juniors surged forward, defeating Italy TTT 2-0, sweeping Denmark Copenhagen 5-0, and crushing GGR 7-0. They kept a clean sheet in three matches, scoring 14 goals, and advanced strongly to the knockout stage as group winners.

Entering the knockout stage, the team continued to play steadily, displaying maturity and resilience beyond their years.

They defeated the Italy Serie A Fiorentina squad 3-1 in the Round of 16 and secured a 1-0 win against Braga in the Portuguese Super League in the Quarter-finals. They defeated Copenhagen 2-0 again in the Semi-finals. With 6 matches played and only 1 goal conceded, they strongly entered the final. The final was a showdown of champions. Everton scored first in regular time. Just as everyone thought victory was slipping away, the Chinese Juniors quickly leveled the score within 6 minutes, dragging the match into a grueling penalty shootout.

Finally defeating the Everton U12 squad, they won the tournament championship with seven wins in seven matches, using their impressive record to validate the growth potential of grassroots youth training.

About the Chinese Football Juniors 2014 Team

The Chinese Football Juniors 2014 Team is composed of a group of young players born in 2014 (currently 12 years old). The English alias is Chinese Football Boy 2014. It is a grassroots youth training boys' football team founded by Dong Lu in 2017.

Unlike the selection mode of various sports schools and football association squads, the members of the Football Juniors 2014 Team are recruited through open nationwide auditions. Selection has no restrictions on household registration or region. Children of appropriate age from all over the country can sign up for trials.

Players selected for the team do not need to pay training fees. The club will not sign restrictive long-term bundled contracts that limit player development, reserving the children's right to choose themselves to the maximum extent.

In terms of daily training mode, the team adopts a characteristic mode of dispersed schooling and phased concentration. Young players stay in their registered residence to attend school normally, and daily basic training relies on local venues and coaches. The whole team organizes a centralized training camp every three to four months. After the training ends, they move to domestic and foreign events in a batch, adhering to the training philosophy of using matches as training.

BYD Makes a Great Contribution

Behind the Chinese Football Juniors winning the championship is a new energy vehicle brand providing silent support, using green transportation to escort the dream.

Team operating funds do not rely on government allocation, mainly supported by revenue sharing from event streaming platforms and corporate commercial sponsorships. BYD, as a core partner sponsor, has long-term supported and guaranteed the team's expenses for away competitions and training camps.

Since officially sponsoring the Chinese Football Juniors in 2025, BYD has supported grassroots youth training with solid actions. Every time the Football Juniors go abroad to play matches, besides regular transportation vehicles which are all handled by BYD, BYD also connects with high-quality overseas football resources like the Italian Serie A to help children broaden their horizons and accumulate international match experience.

Earlier this month, BYD escorted another batch of Chinese Football Juniors to depart for Brazil and Mexico, continuing their overseas study and training journey. This attitude of "doing practical work" is exactly BYD's consistent approach.

Football and cars, seemingly two unrelated fields, have surprising similarities—both require technical accumulation and long-term persistence and long-term investment, neither has a shortcut.

BYD's support for football, like R&D, is a long-term strategic layout, definitely not a short-term game, investing in the future of Chinese football.

Nowadays, BYD has become the world's largest electric vehicle manufacturer. Products have entered 119 countries and regions globally. The overseas dealer network has exceeded 2,000 stores. The European market achieves a dual-line layout for mass and high-end consumers.

May 2026 new energy vehicle exports 160,644 units, accounting for 41.9% of the total sales of 383,453 units in the month, an 80.7% year-on-year increase, creating a historical high for monthly exports. January to May BYD overseas cumulative sales reached 614,470 units. At the same time, established production bases in Thailand, Brazil, Hungary, etc. 2026 export target adjusted from 1.3 million units to 1.5 million units.

Regarding overseas production bases, BYD has already formed four core manufacturing bases:

① Thailand Rayong Factory (Production started July 2024, annual capacity 150,000 units) focuses on right-hand drive models radiating ASEAN, localization rate reaches 70%, employee localization exceeds 90%;

② Brazil Camaçari Factory (Production started July 2025) covers 4 million square meters, initial capacity 150,000 units. By the end of 2026, it will expand to 300,000 units, becoming the largest EV manufacturing center in Latin America;

③ Hungary Szeged Factory (Production started Q1 2026) serving as the European headquarters, annual capacity 150,000 units, can avoid EU 38.1% anti-subsidy tariff, delivery cycle shortened from 45 days to 15 days; Uzbekistan Factory Phase 1 capacity 50,000 units, Phase 3 plan reaches 300,000 units, covering Central Asia and Eastern Europe markets.

In terms of logistics, BYD has formed a self-operated RoRo fleet, having invested 8 large RoRo ships (including 3 with 9,200 vehicle slots, the largest in the world). Annual capacity exceeds 1 million units. It has already shed reliance on third-party logistics, significantly reducing sea freight costs (by approximately 50%) and improving delivery efficiency.

As the 2026 USA-Canada-Mexico World Cup approaches, the Chinese Football Juniors' championship victory has shown us a spark of hope. And BYD's staunch support is adding fuel to this spark, so that one day it can ignite into a vast fire, illuminating the future path of Chinese football.

BYD, the English abbreviation for BYD originally means "Build Your Dream", implying the construction of travel dreams, and in the capital market, it has also won the favor of many investors with its strong development potential. After listing on the A-share market in 2011, BYD's stock price fluctuated multiple times. In 2022, it surged to 350 to 360 yuan at one point, and the company's total market value successfully broke through the trillion yuan threshold. Affected by the continuous price war in the domestic car market and the decline in market demand in the first quarter of this year, currently BYD's A-share stock price fluctuates around 90 yuan, and the total market value is maintained in the range of 831.4 billion to 850 billion yuan. Now BYD ranks firmly in the top three globally among automakers by market value, standing shoulder to shoulder with Tesla and Toyota, but compared to Tesla's market value of over 1.5 trillion US dollars, there is still a considerable gap between the two sides. On June 9, BYD held its 2025 Annual General Meeting. Facing shareholders' doubts, Chairman Wang Chuanfu stated that the company's performance would continue to improve, the enterprise will adhere to technology innovation-driven development, advance steadily with forward-looking layout, and strive to create more considerable returns for shareholders.

At the annual general meeting, many investors were very concerned about the upper limit of BYD's market value, frequently asking if the company could aim for a market value of 10 trillion and narrow the gap with Tesla. In response, Wang Chuanfu has always regarded technology as the core confidence for enterprise progress. He stated that solid technology is the foundation for long-term development of enterprises. BYD possesses a large-scale, top-tier engineering team. The enterprise adheres to a long-term development route and relies on solid technological accumulation to expand steadily. Unlike some enterprises that rely on capital stories to boost market value, BYD deepens the essence of manufacturing, and a steady technological layout also makes the company's market value development more resilient. Reviewing the development history, it is not hard to discover that a series of core technologies such as Blade Battery, DM-i hybrid, Yi Si Fang, and Global Kilovolt High-Voltage Architecture. Every implementation drives a simultaneous rise in BYD's sales and market value.

Since the beginning of this year, BYD has continued to exert strength in the technology field, successively launching the second-generation Blade Battery, Flash Charge technology, and the industry's first 4-nanometer Xuanji A3 intelligent driving chip, continuously solidifying the technological barrier. In the field of intelligent driving, BYD's achievements are equally bright. Currently, the number of vehicles under the brand equipped with assisted driving functions has exceeded 3.15 million units, with daily intelligent driving travel data exceeding 200 million kilometers, and the intelligent driving R&D team size exceeds 5,000 people. Relying on the computing power cluster composed of three Xuanji A3 chips, the total vehicle computing power can reach 2,100 trillion operations per second, sufficient to support the operation of L3, L4 level high-order autonomous driving. Wang Chuanfu judged that with the help of artificial intelligence technology, the implementation speed of high-order autonomous driving will be faster than expected. BYD has completed full-chain technology reserves. Once relevant regulations are officially issued, it will launch compliant new cars immediately and promote global implementation synchronously. On the path of brand premiumization, BYD also insists on speaking with technology and products, abandoning flashy marketing, and winning the recognition of high-end consumers with hardcore strength. The increase in high-end model sales will also gradually solve the enterprise gross profit and single vehicle profit issues.

Faced with the status quo of sluggish growth in the domestic market, BYD chose to deepen internally and expand externally; the overseas market has already become a new growth pole. In May this year, BYD ended the trend of declining sales, with overall sales breaking through 380,000 units. Among them, overseas sales exceeded 160,000 units, a year-on-year surge of 80%. The high customer unit price in the overseas market effectively alleviated the profit pressure brought by the domestic price war. Currently, BYD's global production layout has been fully rolled out. Thailand and Indonesia factories take root in Southeast Asia, Brazil base deepens the Latin American market, Hungary factory lands in Europe, and Mexico base is also preparing intensively. The global map is gradually perfecting. Regarding charging support, BYD plans to build 20,000 Flash Charging Piles domestically this year, while launching European charging pile network construction, paving the way for the popularization of Flash Charge technology. The Denza Z9GT equipped with second-generation Blade Battery and Flash Charge technology landing in Europe has also further established the brand's high-end reputation.

Previously, BYD set a goal of 1.5 million overseas sales in 2026. Combining with the current market performance, Wang Chuanfu believes this goal is expected to be exceeded. Looking forward to the next three to five years, BYD is expected to maintain stable growth, relying on iteratively upgraded core technologies to achieve dual-wheel drive for domestic and international markets. According to the plan, by 2030, BYD is expected to become the world's largest automotive enterprise by scale. Adhering to the original intention of technology, exerting effort in the global market, this Chinese automotive enterprise is steadily moving towards the goal of "becoming the best company in the world".

According to the latest production and sales data for BYD's May 2026 obtained by "Zao Dong Che", 383,453 new energy vehicles were sold that month, continuing to claim the champion of new energy vehicle sales among Chinese automakers. BYD has now maintained the top spot in domestic new energy vehicle monthly sales for 60 consecutive months. As of now, BYD's cumulative new energy vehicle sales have exceeded 16.5 million units, continuously consolidating its industry-leading advantage.

In detail, BYD's Dynasty Series and Ocean Network continued to sell well, selling a total of 330,215 units in May, continuing to become the core force for BYD's sales growth. Regarding high-end brands, Fang Cheng Bao and Denza sold a combined 46,489 units in May. Among them, Fang Cheng Bao sold 30,186 units, up 139.7% year-on-year, reaching a new high for the year; Denza sold 16,303 units, continuing to maintain a growth trend; YangWang sold 286 units, up 105.8% year-on-year. The full matrix working together drove continuous growth in BYD Group's sales.

In terms of intelligence, as of May 28, the number of vehicles equipped with assisted driving exceeded 3.15 million, with Di Tian Yan generating over 200 million kilometers of data daily. On May 28, BYD announced the launch of Urban Pilot Safety Backstop Service, becoming the world's first automaker to simultaneously achieve "dual backstop" for Urban Pilot and Smart Parking. Smart driving that dares to backstop is truly reliable.

Within three days after the press conference, daily active user count for City Pilot on vehicles equipped with Di Tian Yan A and B assisted driving systems increased by 50%. Prior to the launch of Smart Parking Safety Backstop, the usage rate had increased from 21% to over 90%. BYD Group Chairman and President Wang Chuanfu stated: “Daring to backstop is true safety.” 

Since the launch of Smart Parking Safety Backstop last July, the usage rate of Di Tian Yan Smart Parking function has increased from an initial 21% to 93% now, and the Smart Parking accident rate is almost zero. Based on confidence in Di Tian Yan technology and a commitment to consumers, BYD has once again taken the lead in promising to backstop Urban Pilot Safety: Starting today, within one year, for new users from the day they pick up the vehicle, and for old owners upgrading to Di Tian Yan 5.0 via OTA, all will enjoy 1 year of Urban Pilot Backstop. When users use Urban Pilot functions compliantly, if a traffic accident with liability occurs, direct economic losses that should be borne by the vehicle (including vehicle repair costs, third-party property damage, personal injury losses) will be directly compensated by BYD.

Comparing to common smart driving insurance in the industry, BYD's Urban Pilot Backstop is entirely free, has no limit, and will not affect commercial insurance premiums for the following year. Since then, BYD has become the world's first enterprise to have "dual backstop" for Urban Pilot and Smart Parking safety, using concrete actions to make assisted driving truly integrate into users' daily travel and life, enabling users to gain safety experiences.

BYD's technical confidence to dare to backstop comes from the three unique advantages of Di Tian Yan: First is the scale advantage, with BYD's assisted driving vehicles exceeding 3.15 million units, ranking first among Chinese automakers; second is the data advantage, with Di Tian Yan generating over 200 million kilometers of data daily, ranking first among Chinese automakers; and last is the R&D advantage, with the assisted driving R&D team having over 5,000 engineers, with the team size ranking first among Chinese automakers.

Technical innovation continues to transform into product competitiveness. After the launch of the 2nd Gen Blade Battery and Flash Charge Technology, models such as the 3rd Gen Yuan PLUS, Fang Cheng Bao Leopard 5 Flash Charge Version, Leopard 8 Flash Charge Version, and Denza N9 Flash Charge Version have successively launched. Meanwhile, the Tang on Dynasty Network will launch in mid-June, and Denza N8L Flash Charge Version, Seal 08, and Sealion 08 will also launch successively, further expanding BYD's Flash Charge product matrix.

In the just passed May, BYD's overseas market continued to maintain high-speed growth. Passenger cars and pickup trucks sold 160,177 units overseas, up 80.7% year-on-year, creating a new historical high. Models such as Seagull, Song PLUS, and the Yuan Series continued to sell well, and the SHARK Pickup truck exceeded 4,000 units for two consecutive months. As the product matrix continues to enrich and the global layout deepens, BYD's globalization process will continue to advance rapidly.

On May 18, 2026, BYD officially launched DM Technology in the Indonesia market. With more flexible energy management capabilities and higher energy efficiency performance, this technology will provide new energy mobility solutions covering multiple scenarios for Indonesian consumers.

According to Zhao Yue, General Manager of BYD Indonesia Branch: "Since the passenger car business entered the Indonesia market in January 2024, BYD has gained wide recognition from local users, with about 90,000 new energy vehicles currently driving on Indonesia's streets and alleys. Under the double drive of government policy support and market demand growth, the Indonesia new energy vehicle market continues to expand, with EV penetration rate increasing from less than 1% in 2022 to about 20% in the first quarter of 2026, and the electrification process significantly accelerating. The introduction of DM Technology means that BYD is no longer just providing products of a single energy form in Indonesia, but is starting to provide a more complete mobility choice logic. We hope to enable users to no longer need to choose between city commuting and long-distance travel through DM Technology, making it a daily travel mode that can be used without pressure."

It is understood that Indonesia is vast in area, inter-city travel demand is frequent, and charging infrastructure is still in the process of continuous improvement, so consumer demand for multi-scenario new energy vehicle models that can balance daily commuting and long-distance travel continues to rise.

DM Technology uses electric drive as the core driving logic, presenting pure-electric-like quietness and efficiency in city commuting; in long-distance travel, it collaboratively guarantees range and travel freedom through an intelligent energy management system, thereby achieving comprehensive coverage of multi-scenario travel needs.

And in the crossover field, on local time May 21, Denza joined hands with Swiss luxury jewelry and watch brand Chopard to create the global unique Denza Z9GT Chopard Edition with exquisite craftsmanship, donated to the 32nd Cannes amfAR Charity Gala. As a highly anticipated charity event during the Cannes Film Festival, the gala aims to raise funds for AIDS research. On that night, the Denza Z9GT Chopard Edition was hammered down at 700,000 Euros (approx. 5.55 million RMB), becoming one of the most anticipated auction items on site.

Adhering to Denza's concept of "Extraordinary Technology, Driving Luxury", Z9GT becomes an ideal carrier for the excellent dialogue between Chinese tech performance and Swiss craftsmanship. Denza brings flagship GT models, frontier innovative technology, and the Yi San Fang Platform; Chopard adds splendor to this work with its inherent luxury style, profound heritage, and exquisite craftsmanship, turning the whole vehicle into a jewelry art piece in motion.

Interestingly, on local time May 14, BYD partnered with European famous independent film production company Mediawan to establish an award aimed at inspiring new film talents — Dream Building Award (Build Your Dream Award) in Cannes, France. The award ceremony is held concurrently with the Cannes Film Festival, annually awarding the best feature film debut released in French theaters within the past 1 year. The jury is chaired by famous Chinese director Chen Kaige, with members including French famous actor, director, and screenwriter Mélanie Laurent, French actor Hafsia Herzi, and other international film industry authorities.

Chen Kaige serves as the Chairman of the Dream Building Award Jury. Since the 1980s, Chen Kaige has gained international fame for his outstanding artistic achievements and has become an important representative figure promoting the development and evolution of Chinese cinema. In 1993, his film "Farewell My Concubine" won the highest award of the Cannes Film Festival — the Palme d'Or. Chen Kaige stated: "There are countless young people around the world harboring the dream of becoming film directors. Holding the Dream Building Award during the Cannes Film Festival, this award set specifically for new film talents, is a highly meaningful and precious thing for them."

From sales growth to overseas breakthrough, from tech innovation to intelligent popularization, the scorecard delivered by BYD in May reflects the continuous upward development trend of China's new energy vehicle industry. As the new energy vehicle industry accelerates development, the global competitiveness of Chinese brands is rapidly improving.