June 9, BYD Chairman Wang Chuanfu clearly stated at the 2025 annual general meeting: In 5 years, BYD strives to become the largest globally in terms of scale, achieving annual production and sales of 10 million vehicles by 2030.

Goal: Benchmarking Toyota, Doubling in 5 Years

Wang Chuanfu stated that BYD's goal is to achieve annual production and sales of 10 million vehicles by 2030, at which point it will become the largest automotive group in the world. For reference, Toyota Motor Group's global sales in 2025 were 11.3226 million vehicles, while BYD's 2025 sales were 4.6 million vehicles, marking its first entry into the top 5 global automotive companies. This means BYD needs to more than double its sales within 5 years.

BYD's sales grew rapidly over the past 5 years: 730,000 in 2021, 1.87 million in 2022, 3.02 million in 2023, 4.27 million in 2024, 4.6 million in 2025. From 427,000 to 4.6 million, BYD's 5-year compound growth rate exceeded 60%.

Overseas Market: Original Target Expected to Be Exceeded

In 2025, BYD's overseas sales reached 1.0496 million vehicles, a year-on-year increase of over 145%, breaking through the 1 million mark for the first time. From January to May 2026, overseas sales of passenger cars and pickup trucks reached 614,500. Wang Chuanfu revealed that BYD has raised its 2026 overseas sales target from 1.3 million to 1.5 million vehicles, and is expected to exceed the 1.6 million target set at the beginning of the year. Currently, BYD has put overseas factories in Thailand, Brazil, Hungary, etc., into production or under construction, and plans to fully deploy fast-charging stations overseas in Q4 2026.

Capacity Bottleneck: This Year's Sales Depend on Batteries

"BYD's 2026 sales depend on battery production", Wang Chuanfu stated plainly. After the launch of the second-generation Blade Battery and fast-charging technology, orders surged, but capacity is still ramping up. Currently, second-generation Blade Battery capacity is steadily increasing at an increment of 20,000-30,000 vehicles per month, and the company is working "day and night" to meet the challenges. Wang Chuanfu expects larger capacity release in 2027, at which time both domestic and international markets will be empowered simultaneously.

Intelligence: 3.15 Million Vehicles Creating a Data Moat

BYD's investment in the field of intelligent driving is beginning to show results. Currently, BYD has deployed 3.15 million intelligent driving models globally, generating approximately 200 million kilometers of driving data daily. There are over 5,000 intelligent driving R&D engineers, with cumulative investment reaching 100 billion yuan. Wang Chuanfu predicts that L3, L4 level intelligent driving will definitely be implemented earlier. BYD has prepared in terms of chips, algorithms, data, ecosystems, etc., and will quickly launch relevant products once regulations are implemented.

On June 9, BYD held the 2025 Annual Shareholders' Meeting. Chairman and President Wang Chuanfu's speech also coveredshort-term performance, technical R&D, intelligent driving, overseas strategy, and long-term goalsand many other aspects.

"During the first quarter of this year, new energy vehicles experienced their darkest moment."

Starting from January 2026, the purchase tax policy for new energy vehicles was halved, leading to front-loaded demand at the end of last year, causing a significant drop in the retail penetration rate of new energy passenger cars. Since BYD only produces new energy vehicles, it was inevitably affected.

"The worst is over."

With the release of the 2nd Gen Blade Battery and Flash Charging technology in March, BYD orders began to recover. Sales in May started to turn positive, and operating cash flow is expected to gradually recover to a good level by the end of the year.

"This year's sales depend on battery capacity."

The 2nd Gen Blade Battery capacity is still insufficient and is currently ramping up by an increase of 20,000 to 30,000 units per month. After our capacity ramps up next year, we believe we will focus on both the domestic and international markets.

"Five years later, in terms of scale, BYD will be able to become the true global No. 1."

In the next three to five years, BYD will continue to maintain sustained growth. Relying on the 2nd Gen Blade Battery, Flash Charging technology, and new technologies to be launched in the coming years, the domestic and foreign markets are expected to achieve dual-wheel drive, forming a virtuous interaction, and taking Chinese technology to the global stage.

"The automotive industry was once filled with various flashy trends, but actually, cars are transportation tools involving safety."

Less trickery, less flashiness. Return to the basics, perfect technology and products, to gain recognition from mid-to-high-end consumers.

"BYD will not 'hoard' the Flash Charging technology."

BYD Logo will not be displayed on charging piles; the Flash Charging ecosystem will serve all car brands and all consumers. Good technology should serve not only BYD but also the entire industry. The cooperation with Sinopec will greatly promote the expansion of Flash Charging technology.

"Vehicle intelligence is Embodied AI."

BYD already has 3.15 million intelligent driving vehicles deployed globally, generating over 200 million kilometers of intelligent driving related driving data daily. The scale of intelligent driving R&D engineers exceeds 5,000. Cumulative future investment will exceed 100 billion.

"L3 and L4 in the future will definitely land earlier."

BYD has already made sufficient preparations in chips (the 4nm intelligent driving chip Xuanji A3 was just released recently), algorithms, data, and ecosystems, including training centers in Europe, South America, Southeast Asia, the Middle East, etc. Once regulations come into effect, BYD will launch a full series of products meeting L3 requirements.

"The overseas sales target of 1.5 million vehicles set for 2026 at the beginning of the year is now expected to be surpassed."

Chinese car companies represented by BYD have already surpassed many local peers in product competitiveness, price, experience, and technology.

"Localization must be done well in overseas markets."

BYD has built a production base mainly in Brazil in South America. The Hungary factory in Europe is about to start production, and the Thailand factory in Southeast Asia has already started production. Exports should not only grow but also maintain localized services to achieve win-win and co-development with local partners.

"BYD has 120,000 engineers; this is the company's true wealth."

The engineer culture has successors, so no need to worry. I spend half of my week participating in technical meetings and communicating with engineers. "Swimming in the ocean of technology" is what interests me most.

May 2026, data from the China Association of Automobile Manufacturers refocused the industry's attention overseas. From January to May, cumulative exports of Chinese automobiles exceeded 4.25 million vehicles, a year-on-year increase of over 50%. Annual exports are expected to break through the 10 million mark.

Last year, Chinese automobiles with a total export volume of 7.098 million units (data from CAAM) suppressed Japan for the third consecutive year, reclaiming the global first place, surpassing Japan's historical export record of 6.85 million units set in 1985.

Previously, logos of Toyota, Honda, and Nissan were found everywhere in streets and alleys across Southeast Asia. Suzuki dominated the South Asian market, while Mazda was highly sought after in Europe. Japanese cars relied on a reputation for reliability, fuel efficiency, and value retention to weave a global sales network over the course of four decades.

Now, this network is being torn apart by Chinese carmakers one opening at a time.

BYD, Geely, Chery, three Chinese carmakers with annual sales exceeding 1 million vehicles, are launching a "group charge" in overseas markets. Why these three? Because their internationalization paths are quite representative in different fields: one attacks Europe with strong vertical integration of new energy technology, one weaves a brand matrix through global M&A, and one ground out export volume first through the hard work of building channels overseas for twenty years.

This is no longer a question of "whether China can export", but "among the fleet of Chinese carmakers going overseas, who is the most capable"?

But at the same time, the volume of exports is just one side of a mirror. The final victory in the battlefield lies in: among these three export "giants" BYD, Geely, and Chery, who can be the first to complete the qualitative change from "trade export" to "industrial export" and become a new generation of global car giants? The answer to this question will determine the final move of the Chinese automotive industry in the world map.

# Overseas Markets, Chinese Cars Successively Take Positions #

From importing complete vehicles in the early 21st century to establishing joint ventures in the 2010s, Chinese automobiles went through a long and helpless period of "trading market access for technology". For 30 years, domestic carmakers were technology importers, and reverse exports were basically zero.

But in recent years, this trend is reversing. In 2025, Chinese automobile exports reached 7.098 million vehicles, a year-on-year increase of 21.1%. Among them, new energy vehicle exports reached 2.615 million vehicles, doubling year-on-year, accounting for about 36.8% of the total export volume; traditional fuel vehicles were 4.483 million vehicles, a decrease of 2% year-on-year. Under the CAAM statistical caliber, in 2025, the share of complete vehicle exports in wholesale exceeded 20% for the first time.

Entering 2026, the export growth rate accelerated further. From January to May 2026, cumulative passenger vehicle exports reached 2.649 million vehicles, a year-on-year increase of 61.7%. Among them, new energy passenger vehicle exports were 1.732 million vehicles, a year-on-year increase of 117.3%. The proportion in passenger vehicle exports jumped from about 37% in 2025 to over 65%.

In May alone, new energy passenger vehicle exports reached 424,000 vehicles, a year-on-year increase of 112.6%, accounting for 54.1% of passenger vehicle exports. For every 10 vehicles exported, more than 5 are electric vehicles. At the same time, the average price per exported vehicle has risen from about 100,000 yuan five years ago to the 300,000 yuan level. Export products are accelerating towards mid-to-high ends.

Except for the growth in volume, Chinese car exports have moved from "single dependence" to "blooming in multiple points".

In 2025, the top ten destinations for Chinese passenger vehicle exports were: Russia (555,400 vehicles, -46.1% YoY), UAE (539,700 vehicles, +74.3%), Mexico (490,800 vehicles, +44.2%), UK (320,800 vehicles, +70.3%), Brazil (299,900 vehicles, +34.6%), Belgium (289,500 vehicles, +4.5%), Saudi Arabia (250,500 vehicles, +11.2%), Australia (246,200 vehicles, +59.3%), Kazakhstan (187,000 vehicles, +74.3%), Iran (164,100 vehicles, -31.6%).

Except for exports to the CIS region dominated by Russia, which declined due to policy and inventory impacts, other regions showed a growth trend: exports to Europe reached 1.51 million vehicles, a 32% increase year-on-year; exports to the Middle East and West Asia reached 1.27 million vehicles, a 48% increase year-on-year; exports to South and Central America reached 1.01 million vehicles, a 49% increase year-on-year; exports to Southeast Asia reached 1.98 million vehicles, a 57% surge year-on-year; exports to Africa reached 800,000 vehicles, a 119% increase year-on-year.

Europe, as a critical breakthrough market, saw Chinese exports to the EU exceed 1 million vehicles for the first time in 2025, reaching 1.0062 million vehicles, a year-on-year increase of 30.7%, with an export value of 13.72 billion euros.

Currently, China is the number one source of automobile imports in the EU region, and also the fifth largest supply source for the European automotive market. In statistics with a broader caliber, it is shown that in 2025, Chinese brand automobiles sales in the European market reached 811,000 vehicles, a year-on-year increase of 99%, with market share rising to above 7%.

The Middle East, currently arguably one of the important markets for Chinese carmakers to earn high profits. In 2025, Chinese exports to the Middle East region reached 1.4 million vehicles, among which 570,000 in UAE and 300,000 in Saudi Arabia combined contributed over 60% share. The market share of Chinese carmakers in this market has approached 30%. Benefiting from the high unit price market characteristics, the profit margin of Chinese carmakers in this market is significantly higher than in other countries and regions.

The Mexico market in the Latin America region, surpassed Russia last year to become China's largest export country. In 2025, Mexico's cumulative exports reached 625,200 vehicles. Mexico has always been regarded as an important stepping stone for Chinese cars to enter the Americas market, and now has an increasingly higher proportion.

As for Southeast Asia, Japanese carmakers have previously established market barriers belonging to them, but now the entry of Chinese cars is eroding the inherent market share of Japanese cars. Data shows that the market share of Japanese brands in Thailand has dropped from 90% to 70%. The main reason for this data change is the entry of Chinese cars; furthermore, the share of Japanese brands in Indonesia fell below 81%, while Chinese brands reached 14%. Currently, the number of Chinese automobile exports accounts for about 27% of the sales in the Southeast Asian market.

Currently, the overseas expansion of Chinese carmakers is basically concentrated in the top few, such as Chery, SAIC, BYD, Geely, etc. Among them, as representative of private enterprises, BYD, Chery, and Geely actually have different overseas strategies, and also represent three paths of Chinese cars going overseas at present.

# Rivalry of the Three Powers, Who Will Be the Future Overseas Leader? #

Chery is currently the leader in Chinese car exports and also the carmaker with the largest export volume.

In Q1 2026, Chery exported 393,000 vehicles, a year-on-year increase of 54%, with an export proportion as high as 67%. Such a number means that in Chery's sales structure, overseas sales have exceeded domestic sales, and its average price per vehicle at the export end reached 121,600 yuan, about 14,700 yuan higher than domestic. The performance of the overseas market is directly linked to Chery's profitability.

According to different market regions, Chery's advantage in the European market is quite prominent. From January to April 2026, Chery's export volume in Europe reached 147,000 vehicles, firmly occupying the first tier of Chinese brands. The European market grew year-on-year by over 200% for the full year and has entered 16 countries including the UK and Italy.

In the Middle East market, Chery still took the export top spot with 56,000 vehicles in the first quarter. As for the Southeast Asian market, Chery exported 24,000 vehicles from January to April 2026, a year-on-year increase of 18.2%. Chery's export path is mainly "fuel + hybrid" side-by-side. Among the current exported models, the Tiggo series is very competitive in the Russian and Latin American markets, while OMODA and JAECOO are accelerating penetration into the European market.

BYD ranked second to Chery in export volume in May this year, with a strong potential to surpass. First, look at the data. BYD's overseas sales reached about 1.1 million vehicles in 2025. This year's first quarter exports were about 320,000 vehicles, with an export proportion exceeding 46%. On this basis, BYD has increased its 2026 export target to 1.5 million vehicles, which is the most aggressive target among the three.

BYD's overseas exports not only grew in scale but also optimized in structure. Currently, Brazil is its largest overseas market. From January to April, export volume reached as high as 148,000 vehicles, among which pure electric and plug-in hybrid accounted for almost half each. The European market exported nearly 100,000 vehicles from January to April, a year-on-year increase of 29.7%; the Middle East market exported 26,000 vehicles from January to February; in terms of Southeast Asia, BYD exported 32,000 vehicles from January to April, a year-on-year decrease of 25%.

As for Geely, it is exchanging quality for quantity. If looking at shipment volume alone, Geely cannot compare with Chery and BYD. In May 2026, Geely exported 85,100 vehicles, a year-on-year increase of 183.7%; cumulative exports from January to May reached 371,400 vehicles, a year-on-year increase of 157.7%. Its export plan for this year is 750,000 vehicles.

But it is worth noting that Geely's average price per overseas vehicle has approached 180,000 yuan, and the export gross profit margin is 9 percentage points higher than domestic. The average price per vehicle in the first quarter reached 118,100 yuan, a year-on-year increase of nearly 15,000 yuan, with growth leading among domestic brands.

In terms of overseas regional distribution, Geely is the most balanced among the three. In the North American Mexico market, it grew over 3 times with 16,000 vehicles; in South America Brazil, it first broke 7,000 vehicles; in Southeast Asia, it firmly occupies the Chinese brand top spot with 46,000 vehicles export volume from January to April leading Chinese brands; in Europe, Geely exported 40,500 vehicles from January to April, a year-on-year increase of 63.6%, and the absolute volume of exports is still rising rapidly.

# Three Paths, Three Strategies? #

Combining the previous content, we will find that these three carmakers represent the three mainstream internationalization models currently domestic, they each have their focus on the overseas path, and the strategies are completely different.

BYD takes the new energy full supply chain overseas route, which is closely related to its brand development path. Currently, its exported models are mainly pure electric and plug-in hybrid, with a price range covering 15,000 to 80,000 Euros.

BYD's logic is very clear: utilize China's full supply chain advantage in the electrification field to quickly seize the overseas market with technological leadership and cost advantage. In the two electrification frontier markets of Europe and Southeast Asia, BYD chose the asset-heavy model of self-built factories plus own channels.

The advantage of this model is strong brand control and complete profit chain. The disadvantages are large investment, long return cycle, and high sensitivity to local policy environments. The electric vehicle tariff policy just implemented in Europe might be the greatest uncertainty BYD faces for a period of time.

Geely takes the multi-brand matrix + overseas brand leveraging route. Through acquiring Volvo, investing in smart, and establishing Polestar as a joint venture, Geely has already possessed a brand matrix spanning Europe, Asia, and the Americas.

This matrix allows Geely to send different brands for different markets. Europe is led by Volvo and Polestar, Southeast Asia by Geely's mother brand and Proton, smart serves as global urban premium EVs, while the Middle East and Latin America are promoted synchronously by Geely's mother brand and Lynk & Co.

This model allows Geely to rapidly enter the high-end market by leveraging Volvo's dealer network, after-sales system, and brand premium, while using the Geely main brand and Lynk & Co to fight for the mainstream market. However, multi-brand synergy itself is a high-difficulty management art. If brand differentiation is unclear, left-hand vs right-hand fighting may occur.

Chery takes the high cost-performance fuel vehicle + wide channel coverage route. Export main force is still fuel SUVs, with a price range concentrated between 12,000 to 25,000 USD.

Chery's advantage lies in its product pricing and developing countries' purchasing power matching highly. These markets like South America, Middle East, Russia, North Africa have imperfect charging infrastructure, consumers are highly sensitive to price, and brand loyalty has not solidified. Chery has almost no direct electrification competitors here.

The export route is the simplest, but also the easiest to replicate. When more Chinese brands bring fuel vehicles of similar high cost-performance to flood these markets, Chery's first-mover advantage will sooner or later be diluted. Chery is trying to open new space with new energy products like Exeed, but from the current situation, the proportion of new energy in Chery's total exports is still far lower than BYD and Geely.

As for these three overseas paths, who can win the future overseas center spot battle, it cannot be easily concluded.

Chery's biggest advantage is the largest export base, difficult to surpass in the short term. But it also has concerns, such as its current export structure, which is highly dependent on the Middle East and Eastern European markets. Once geopolitical or trade policy changes, the impact may come.

Geely's overseas profit level is relatively the highest, and multi-brand differentiation overseas is also the most mature. Its problem lies in whether it can form true confrontation with BYD and Chery in scale. Even if the 2026 export target is increased to 750,000 vehicles, there is still a significant gap compared to BYD's 1.5 million.

BYD has the strongest long-term momentum for overseas expansion because it is not just selling cars, but exporting the standards of the new energy industry chain globally. As long as new factories are built in markets, the cost efficiency advantage of "Made in China" can quickly convert to cost-performance advantage. The uncertainty is BYD's overseas brand recognition. Among mainstream consumer groups in Western Europe, BYD's brand premium has not yet been established. Once trade barriers are encountered, whether BYD can maintain profit levels per vehicle overseas still poses a challenge.

# Overseas Localization Level Determines Future Ranking #

Global largest car exporter, this laurel was previously hanging on the head of the Japanese automotive industry. But from 2023, it finally changed hands, and China surged to become the world's largest car exporter. In the subsequent 2024 and 2025, this status remained firmly in place.

This is a milestone event. At the same time, we also need to clearly recognize that this overseas expansion is just the first step for Chinese cars to go international. And regarding the issue of complete internationalization, there is still a gap compared to Japanese brands.

Why say this? Setting aside the single data of export volume, there are many other data determining whether internationalization is successful. A very important point is overseas capacity.

Through data showing 2025 full year, Chinese carmakers' overseas production was 8 million units. Although this data rose relatively clearly compared to before, looking at Japanese carmakers' overseas capacity, it was as high as 20.4 million units. Although Chinese cars' total volume went up, it was more relied on domestic markets and whole vehicle exports to absorb, far from the complete overseas production system of Japanese carmakers.

So how important is overseas localized production?

A simple example can figure it out. For example, it's the same opening a restaurant. Relying purely on imports requires making food into finished products and transporting them completely to the local place. This involves not only considering transportation quality but also even higher costs. If using locally available ingredients and cooking on site, costs are not only lower, but taste will also be more suitable for local consumers.

The automotive market is the same. Taking Toyota as an example, according to the group's externally announced news, in 2025 Toyota Group's global total sales reached 11.323 million units. Among them, Toyota and Lexus brand Japan domestic sales were 1.5013 million units, overseas sales were 9.0355 million units. If counting all sub-brands like Daihatsu, Hino, etc., overall overseas sales would increase further, overall scale approaching 10 million units, accounting for about 85% of the group's total sales.

It is known that although Toyota currently appeared profit decline, it is still the world's most profitable carmaker without question. A very important point in this is its global localized system ecosystem.

At this stage, most of our independent brands' overseas localization layout is mostly an "extension" of exports. For example, many factories are mainly assembly, core component supply is still exported from domestic to local, and sales networks are also slightly thin. There is still a distance from a complete industry ecosystem.

As for the future, establishing local system ecosystems will naturally be the focus. As for BYD, it has already had three mass production complete vehicle factories in Thailand, Uzbekistan, and Brazil. As for the Hungary factory, it is a key step for BYD to enter Europe. Planned annual capacity 150,000 vehicles. After production starts in Q2 2026, it will achieve zero tariff entry to Europe, cost reduced by 20%-30%. The Indonesia factory also plans to start production in 2026.

BYD's global factory map covers the three core regions of Asia, Europe, and South America. It is the Chinese carmaker with the most active overseas capacity.

Geely has a mature production system overseas. Malaysia's Proton factory has been deeply localized for many years and has launched new energy Proton X70; Belarus BELGEE joint venture CKD factory annual capacity 60,000 units, can directly radiate Russia and Eastern European markets.

Geely is currently investing in Renault Brazil factory. In 2026, Geely brand models are expected to be produced. Factories in Belgium and the UK are more focused on high-end model localization. Geely is not simply newly building capacity but cutting into global layout with existing capacity renovation + equity investment hybrid mode. Cost controllability is stronger.

Chery has established a complete full process and CKD factory matrix overseas. It has four major production bases in Russia; Brazil has two CKD factories with a combined annual capacity of 236,000 vehicles; Spain has an European Industrial Base; Iran, Thailand, and Vietnam also have layouts. Among them, the Vietnam factory claims to be the largest in ASEAN. Chery is also seeking strategic alliances with Renault in Colombia and Argentina to further expand the Latin American market.

BYD invests heavily in new factories to quickly seize zero tariff channels; Geely is good at integrating existing resources to quickly revitalize existing capacity through equity cooperation; Chery relies on early cultivation to form capacity networks in key regions. The three can be said to have their own focuses. Regarding the future, localization speed will determine the sustainability of overseas sales. Currently, it looks like BYD invests the heaviest, determination is greatest; Geely leverages the most, model is most flexible; Chery outlets are densest, but depth needs strengthening.

This Chinese car internationalization competition is not a sprint but a global marathon spanning several years.

Short term, Chery is the champion of current scale. Million-vehicle level export volume, twenty years of overseas deep cultivation, no one can match in the short term; Medium term, growth rate and brand momentum are these two key points. BYD is quickly catching up. The global wave of new energy is its biggest tailwind; Long term, system capability is Geely's advantage. Brand matrix, Volvo's global layout, Proton's Southeast Asian foundation, construct a relatively balanced and risk-resistant globalization system.

Ultimately, who can take the lead depends on a deeper question. Who can truly win hearts after selling to the globe?

Chinese carmakers have proved we can conquer the market with cost and efficiency. But we have not yet fully proved we can conquer users with brands and trust. Toyota's globalization took half a century, Volkswagen's European foundation took decades. Chinese carmakers' overseas expansion has just begun.

In this sense, the competition between BYD, Geely, and Chery is not who defeats who, but who can win a true position for Chinese automobiles in global consumers' minds.

The fundamental victory of Chinese carmakers going overseas is not export volume surpassing Japan. It is when global consumers choose a premium electric car, "Chinese Brand" can sit on equal footing with "Made in Germany" and "Made in Japan". In this critical period of moving from an automotive big power to a powerhouse, for every solid stake Chinese carmakers drive overseas, it means shortening the distance from a big power to a powerhouse.

It can no longer be concealed. Recently, the viral Denza Z9 GT Chopard Edition has pushed BYD's bespoke journey to a new height.

As a unique top-tier bespoke one-of-a-kind piece, this car debuted at the Cannes amfAR Charity Gala and was sold via auction hammer at a high price of 700,000 Euros (approximately 5.5256 million RMB), allowing Chinese automotive bespoke craftsmanship to officially gain recognition from the global ultra-luxury circle.

For reference, the Denza Z9 GT domestic price starts at 269,800, while the European price starts at 117,500 Euros (approx. 927,500 RMB).

Chopard was founded in 1860, specializing in high-end watch and jewelry design and production, renowned for its exquisite craftsmanship and fashionable dynamic design style. Co-created with Chopard, the Denza Z9 GT Chopard also became a "jewelry artwork on wheels".

[Denza Z9 GT Chopard]

The Denza Z9 GT Chopard features Chopard exclusive gold strips accenting the exterior appearance, possessing the shimmering texture of top-tier jewelry.

The interior is inlaid with Chopard-sourced precious amethyst, fully revealing luxury under the play of light and shadow.

Additionally, seat headrests use exquisite hand embroidery, engraved with the iconic "C" logo; welcome light carpet, wireless charging panel, center control theme interface and other details also fully integrate Chopard brand exclusive elements.

Furthermore, Chopard specifically presented two timepieces, forming an "His & Hers" exclusive watch set.

Both timepieces are crafted in rose 18K gold, jointly interpreting precision, elegance, and contemporary luxury.

Among them, the dial of the Happy Sport series 36mm watch features brilliant diamonds adorned with snow setting craftsmanship, and integrated with Denza Z9GT patterns; the Alpine Eagle series 41mm watch uses a vintage minimalist classic design, and integrates Denza exclusive elements on the case back.

Additionally, leather designer Shiro also handcrafted exclusive luggage sets for it, making Z9GT beyond the vehicle itself, becoming part of a complete luxurious lifestyle and artistic vision.

[Entering a Favorable Phase]

From the Z9GT launch at Paris Opera this April to this appearance at Cannes amfAR Charity Gala, Denza in the European market is not just talking about specifications and parameters, but using luxurious lifestyle as a link to knock open the door of European celebrity circles.

And the 700,000 Euro sky-high transaction price is even better proof of Chinese high-end new energy vehicle strength.

Of course, we also know that Denza Z9 GT Chopard is not BYD's first attempt in the bespoke market.

As the pinnacle work of YangWang Automotive, YangWang U9 Xtreme is globally limited to 30 units, with a price exceeding 20 million RMB. Upon debut, it was snapped up by global top collectors, with Thai private collector Mr. Pratarnwong Phornprapha, Brazilian famous racer Leo Sanchez and other international celebrities all being its owners.

When domestic high-end models can fetch high prices in the international market, when Chinese brand customization capability rivals world top levels, the high-end era belonging to Chinese cars has already arrived.

From YangWang U9 Xtreme creating collectible supercars with ultimate performance, to Denza Z9 GT Chopard Edition reaching the top of the global ultra-luxury circle with international collaboration, BYD's bespoke journey advances layer by layer, clear and firm, and will surely bloom more brilliance of Eastern luxury in the future.

June 9, 2026, at the BYD 2025 Annual General Meeting, Chairman Wang Chuanfu stated firmly: "Five years later, BYD will be able to achieve true global number one in terms of scale." Wang Chuanfu also announced that BYD has officially entered the field of humanoid robots. Looking from 2026, the "Five-Year Global First" vision outlined by BYD at the annual general meeting, what are the logic and challenges behind it?

Review of the Last Three Years: From China's Sales Champion to the Top Five Globally

In the past three years, BYD has completed an incredible leap.

In 2023, BYD's global sales exceeded 3.02 million units, breaking into the top ten global automakers' sales for the first time, ranking ninth.

In 2024, BYD achieved revenue of 777.1 billion yuan, a year-on-year increase of 29%, with net profit attributable to shareholders of 40.25 billion yuan, and total vehicle sales exceeding 4.27 million.

In 2025, BYD's global sales reached 4.6 million units, jumping to the fifth position globally. Pure electric vehicle sales exceeded Tesla for the first time, topping the global pure electric sales leader. In terms of sales figures, BYD's 4.6 million in 2025 compared to Toyota's 11.32 million, the gap is about 6.72 million. But if looking at growth rates, the gap is clear: BYD maintained high growth of over 40% in the past three years, while Toyota's annual growth rate hovered between 4% and 6%.

2030 Global First: The Gap Between Vision and Reality

What exactly does Wang Chuanfu's "Global Scale Number One" mean? Latest data shows the goal he speaks of points to achieving an annual production and sales volume of 10 million units by 2030.

Calculated from the growth path, BYD's 4.6 million in 2025 to 10 million in 2030 requires an annual growth rate of about 17% - while this growth rate is significantly lower than in previous years, it is still very considerable given the base of millions of vehicles sold annually. There are three key variables supporting Wang Chuanfu's confidence:

Technology Moat - Second-generation Blade Battery and Flash Charging completely end energy replenishment anxiety. In March 2026, BYD launched the second-generation Blade Battery and Flash Charging technology, achieving charging from 10% to 70% in just 5 minutes, and 10% to 97% in just 9 minutes, setting a new record for global mass-produced power battery charging speeds. Wang Chuanfu further revealed at the annual general meeting that new technologies would be launched in the next couple of years, and under the dual-wheel drive of domestic and international markets, positive synergy is expected to be formed.

Overseas map fully unfolded - from selling products to selling systems. Currently, factories in Thailand, Uzbekistan, and Brazil are already in production, the Hungary Europe factory is expected to start production in 2026, and the Turkey factory is also in planning. Overseas sales this year are expected to exceed the original target of 1.6 million units. Wang Chuanfu further proposed a long-term goal: by 2030, overseas sales should account for 50% of total sales - this means overseas annual sales will need to leap from the million level to the 5 million level within five years.

Supply chain integration advantage - full-stack self-research from battery to chip. Behind the flash charging of the second-generation Blade Battery, core support is provided by the self-developed AFE analog front-end chip. The initiative over the entire power battery cost structure and capacity control lies in BYD's hands.

Challenges are equally impossible to ignore. JPMorgan analysts predict BYD sales in 2030 will be around 7 million units, which is a relatively conservative prediction; Morgan Stanley and other overseas institutions believe BYD is expected to catch up with Toyota in scale by 2030.

According to growth rate model calculations, if BYD maintains an average annual growth of about 15%, sales around 2030 are expected to exceed 10 million units, keeping pace with Toyota; if Toyota simultaneously experiences a significant decline, the point of surpassing could be brought forward further.

Looking at realistic resistance, tariff barriers remain high in the European and American markets, brand awareness in overseas markets still needs time to settle, and the global layout of the supply chain also faces potential disturbances from geopolitics. In addition, the going-out strategy also requires extreme restraint - as Wang Chuanfu warned, internationalization cannot be eager for quick success and instant benefits, it must uphold long-termism, and achieve win-win with local markets through deep localization services.

Comprehensive judgment, the probability of BYD achieving global sales number one in 2030 is **over 50%**, but "victory" is likely to be a very narrow lead over Toyota.

If BYD Tops the Rankings, How Will the Chinese Auto Industry Landscape be Reshaped

Behind BYD's topping, it is inevitable that the Matthew Effect of the strong getting stronger is at play. Referencing China Passenger Car Association data for the first five months of 2026, BYD's position in the domestic new energy market is already a lead by a wide margin - ranking first for 60 consecutive months.

While exerting efforts overseas simultaneously, Geely, with monthly sales of 109,000 units, firmly ranks second among Chinese brands and also breaks into the global top ten ranks; Changan ranks third with 63,000 units. The entire Chinese brand camp has begun systematic efforts simultaneously. UBS analysts' judgment is more macro: The combined share of Volkswagen and Toyota in key global markets will drop from the current 81% to 58% by 2030, with Chinese brands becoming the main force to fill this gap.

The Sword of Damocles also hangs over traditional joint venture companies simultaneously. Joint venture camps represented by SAIC-GM, Brilliance BMW, etc., will continue to have their market share in China squeezed - this trend has already been clearly reflected in the significant contraction of fuel vehicle sales in 2025. The accelerated differentiation where the strong become stronger will become the norm for the Chinese auto market in the next five years.

2030 Global Auto Sales Top Ten Ranking Speculation

Combining current growth trends and predictions from major institutions, Auto Wheels predicts the following scenario may emerge in the ranking of the global top ten automakers in 2030:

Tesla's 2030 market share forecast is 8%, sales are expected to reach 7 million units, but due to base differences, it is most likely to remain in the fourth to fifth interval in global rankings. Toyota drops to 9-10 million units, Volkswagen maintains 7-8 million units. Ford and Honda may be squeezed out of the top ten list.

Historical Significance of BYD Topping the Rankings: The Global Auto Industry Center of Gravity Shifts East

If BYD tops the global first in 2030, the significance will go beyond the enterprise itself - this will be the first time in nearly a century that a non-European, American, or Japanese automaker has crowned the summit of the global auto industry.

First, Chinese brands turn the tables on technical definition rights. For a long time, standards for core technologies such as engines and transmissions have been written by European, American, Japanese, and German enterprises. But BYD, relying on the dual-wheel drive system of pure electric plus plug-in hybrid, exports electric drive technologies defined by China to the global industrial system, driving the comprehensive globalization of the industrial chain - batteries, electronic control, smart cockpits, intelligent driving solutions, etc., will all be led by Chinese standards.

Secondly, the overseas expansion of Chinese automobiles welcomes a historic new pattern. If BYD tops in 2030, it will effectively change the global consumers' stereotyped prejudice against Chinese automobiles as "cheap and low quality", opening up the space for brand premium for all Chinese automakers. At the same time, the underlying logic of Chinese complete vehicle export has been fully upgraded from "complete vehicle trade" to the dual-drive model of "technology export plus capacity export" - in emerging markets such as Southeast Asia, Middle East, South America, the reputation and sales of Chinese new energy brands will further form a network effect.

Greater strategic increases are still behind. Energy transformation and the wave of intelligence are the greatest changes the global auto industry has not seen in a century. The day BYD tops the list is not only a milestone for a company, but also means the axis of the global auto industry has shifted from the Atlantic shores to the Pacific shores. The era when Chinese automakers go from following to leading may come faster than everyone imagines.

In May 2026, Daniel Craig, the former 007 actor who occupies a special place in the hearts of film fans worldwide, drove the Denza Z9 GT in an ad campaign that sparked heated discussion abroad, vividly interpreting the slogan "Technology Drives Elegance".

Even more stunning was the hammer strike of a unique crossover customized vehicle at the Cannes amfAR Charity Gala, the globally unique Denza Z9GT Chopard Edition, which was sold for 700,000 euros (approximately 5.55 million yuan).

When Chinese cars begin to define "elegance" and "scarcity", shouldn't the world update its mindset as well?

At the same time, another piece of news was more influential.

Not long ago, Kantar BrandZ released the global brand value ranking: BYD ranked fifth globally among automotive brands with a brand value of 20.362 billion USD, spiking 41% year-on-year, with the fastest growth for two consecutive years, just a step away from fourth-place Mercedes-Benz.

From the elegance of 007 to the hammer strike at Cannes, and then to the dazzling data of BrandZ, a series of "Global Moments" connected together, outlining a new landscape of the automotive industry led by Chinese brands.

Past: The Sower: That Underrated Decade

The narrative of BYD's "Global Time" must begin with a long decade of sowing.

Time returns to the 2010s, when the industry generally believed that Chinese cars could only fight price wars domestically, but BYD K9 electric buses drove into London, Paris, and Tokyo. It not only obtained strict European entry certifications but also was the first to enter the Japanese market. K9, which became the first global business card for China's new energy vehicles.

Diligence in technology would later evolve into a series of "Global Safety Stories" that went viral.

In 2026, in Jerusalem, a Yuan PLUS encountered a missile attack, the entire vehicle was overturned, the windows shattered, but the A, B, and C pillars were intact, the battery system did not experience thermal runaway, and the 5 people inside safely escaped.

In another incident, a Song PLUS DM-i belonging to a Brazilian owner was shot at by bandits with firearms, bullets failed to penetrate the car body, the driver escaped safely, and later remarked on social media: "It was BYD that saved my life."

"Safety is the ultimate luxury". BYD turned a series of deadly and real battlefield crises into a creed that wins the heart of the whole world.

The accumulation of technology was finally reflected in a full explosion in sales. In 2023, BYD surpassed Tesla to win the global new energy vehicle sales championship for the first time. In April 2026, BYD's 16 millionth new energy vehicle came off the line, from 10 million to 16 million took only 17 months.

The running speed of China's automotive industry on the global racecourse has never been so amazing. But on the world map, what BYD sowed earlier was not just products.

In 2021, BYD's first Southeast Asia factory started production in Thailand; in 2023, the Camaçari, Brazil factory was reborn; in 2025, the Hungary factory rose in Europe. Every move laid solid support for the explosion of the overseas market in the next few years.

Present: 2026, the year of global coronation

In April 2026, the global car market welcomed a historic moment. BYD topped the sales chart for all categories in Brazilian automotive retail with monthly retail sales of 14,911 units and a market share of 12.8%. Volkswagen's 20-year rule in Brazil was ended. Brazilian President Lula also became a BYD owner.

At the same time, the European battlefield was unstoppable. In Italy, BYD surpassed Volkswagen and Tesla to take the top spot in the sub-segment for the first time; in Germany, sales volume grew by more than 647% year-on-year; in the UK and Spain, year-on-year growth exceeded 600%. The Hungary factory is fully operational, with an annual capacity of 150,000 units, becoming the largest Chinese car factory in Europe.

In Southeast Asia, for every 3 pure electric vehicles sold in Thailand, at least 1 is from BYD. The Thailand factory has an annual capacity of 150,000 units, and through the ASEAN internal zero-tariff circulation system, the product touch extends to the entire Southeast Asia region.

Looking globally, in April 2026, BYD overseas sales reached 134,500 units, a year-on-year growth of 70.9%, setting a new record. Cumulative overseas sales from January to April reached 454,300 units, and overseas sales have accounted for more than 40% of the group's total sales. Penetration, scale, growth rate — all three mastered.

Brand Transformation: From Crazy Boasts to a Reality to Be Admired

Once upon a time, many people's impression of BYD stayed on "low-end" and "cheap". Do you remember in 2007, Wang Chuanfu once declared "will be No. 1 globally by 2025", when the audience was full of laughter. But when BYD surpassed Tesla in 2023 to become the global new energy vehicle sales champion, that seemingly crazy boast has been fulfilled ahead of schedule.

When Yangwang U9 Xtreme broke the global mass-produced car speed record with an actual measured top speed of 496.22 km/h, ran 6 minutes 59 seconds on the Nürburgring to become the first pure electric mass-produced vehicle to break the 7-minute mark, with a selling price of over 20 million and truly delivered to users, people's cognition underwent a thorough turnaround. Chinese cars have finally gained pricing power in the supercar field for the first time.

At the same time, the 5th Generation DM hybrid system was further evolved, with NEDC low-battery fuel consumption per 100km dropping to 2.6 liters, a full tank and full battery combined range of 2,100 kilometers, achieving "a tank of fuel from Beijing straight to Shenzhen".

The 2nd Generation Blade Battery and Flash Charge technology launched in March 2026 dropped a bombshell in the recharging link. Wang Chuanfu boldly declared on the spot: "5 minutes to full charge, 9 minutes to full, plus only 3 minutes at minus 30 degrees."

The leap in brand value is the most direct evidence. From appearing on the BrandZ Global Automotive list for the first time in 2022 ranked eighth, to reaching fifth place in 2026, BYD has used four years to grow from a "newcomer" to a core role in the global automotive brand camp.

Conclusion

Brand, Performance, Market, Cultural Premium — BYD is rewriting the landscape of the global automotive industry simultaneously on four dimensions. Boundaries between traditional and non-traditional are dissolving, ecological niches of innovators and vested interests are being reshaped.

In the pinnacle showdown of this "King of Industries", no Chinese enterprise has ever walked so deeply and so confidently.

In the past, the world saw BYD; now, the world chooses BYD; in the future, the world will watch BYD together.

This is BYD's Global Time.

The May car sales rankings have been released one by one. The domestic sales landscape is basically set, with little highlights. The most crucial part is the surge in overseas exports. BYD exceeded 160,000 units, closely chasing Chery's 180,000 units. Chery is an old export powerhouse, and is now quickly to be overtaken by BYD.

Thrilling!

Regarding overseas exports, both strategies differ, but looking at this May data alone, Chery temporarily held the throne, but BYD chased very aggressively.

Chery: The Foundation of a 'Veteran'

Chery exported 181,900 units in May, leaving other opponents far behind.

Chery has deepened cultivation in places like Russia, Brazil, and the Middle East for nearly 20 years. Channels and reputation are very solid. It's like running a restaurant; Chery is an old brand with stable repeat customers, and now the taste (product power) has also upgraded, so sales exploded suddenly.

Feature: Fuel cars are the main force and the foundation for making money; new energy is also catching up now.

BYD: The Impact of a 'Rising Star'

BYD exported 160,600 units in May. Although fewer than Chery by over 20,000 units, the growth rate and momentum are stronger.

BYD is the global new energy sales champion, with high brand popularity. Especially in Southeast Asia (Thailand, Singapore) and South America (Brazil), BYD's electric vehicles delivered an overwhelming advantage, grabbing quite a bit of the market.

Feature: All new energy, conforming to future trends, with very strong follow-up power.

Let's look at the May domestic car brand export data. I made a table, it's more intuitive:

Geely this time is worth mentioning separately:

Geely's 85,100 units, although the absolute value hasn't caught up to Chery and BYD yet, the 184% year-on-year growth rate is the highest in the field.

And there is a detail especially worth noting: Geely's exported new energy vehicles in May accounted for 47.9%, almost half were electric cars.

This indicates Geely is not just relying on fuel cars to boost volume overseas; new energy exports have truly taken off. This contrasts with BYD relying mainly on new energy and Chery relying mainly on fuel cars, forming the three main routes for automotive exports currently.

Additionally, Zeekr under Geely delivered 34,377 units in May, with year-on-year growth of 82%. The path of high-end electric car exports went quite smoothly. Lynk & Co 08 EM-P has already launched and delivered in Kazakhstan. Geely's new energy layout overseas is becoming more comprehensive.

Simply summarize the current landscape:

Chery: Total volume No. 1, deep foundation, fuel cars are the baseline

BYD: Total volume No. 2, pure electric and hybrid both strong, momentum fierce

Geely: Growth rate No. 1, highest new energy export ratio, high potential

These three companies' current tactics each have characteristics: Chery plays the 'All-rounder card', BYD plays the 'New Energy card', Geely plays the 'High-end Growth card'. The May export rankings are clear, but who grows faster in the second half, is really hard to say.

And regarding the champion fight, the author believes this battle is not just two car companies fighting, it also represents two export models:

Chery is an 'All-rounder': Grasps both fuel and electric cars, deep foundation in traditional markets. For May, Chery was the undisputed No. 1.

BYD is a 'Specialist Genius': Specializes in new energy, breaking through like bamboo in emerging markets. Although the single month hasn't surpassed Chery yet, adding up January to May, Chery exported 753,000 units. BYD hasn't released cumulative data yet, but based on the single month of 160,000, the total volume gap is rapidly narrowing.

To give an example: This is like a football match. Chery is a traditional strong team, leading all through the first half (past few years), defense is stable; BYD is a rising star with a top striker (EV technology), currently attacking fiercely.

Currently, although Chery leads, the match is far from over. As long as BYD maintains this growth rate, who sits on the 'Number One' seat by the end of this year is really hard to say.

Influenced by disturbances in the Middle East situation and a sharp rise in international fuel prices, the Australian automotive market is undergoing profound structural changes. Local residents' vehicle usage costs and living costs continue to rise, driving consumer demand to accelerate towards high cost-performance electric models.

Against this backdrop, Chinese automakers quickly seize the market with mature new energy technologies and affordable pricing, achieving significant sales growth and continuously squeezing the survival space of Japanese automakers. This year, Australia's vehicle imports from China exceeded imports from Japan for the first time, marking a fundamental shift in the Australian car market landscape that has persisted for many years.

Chinese Automakers Break Through Strongly, Traditional Japanese Advantages Continue to Loosen

The Australian car market has long been dominated by Japanese brands like Toyota, but market influence has accelerated in changing since the beginning of this year. Data from automotive research institution Cox Automotive shows that from January to April this year, BYD became the automaker with the largest sales growth in Australia, selling 13,269 more new cars year-on-year. Chery, Geely, Great Wall, and Jaecoo followed closely, jointly joining the top five spots for sales growth in Australia.

Sealion 7; Image Source: BYD

In stark contrast, Toyota, the market leader in Australia, saw a significant drop in sales, decreasing by 17,502 year-on-year, the largest decline in the industry. Japanese brands such as Mitsubishi, Nissan, and Mazda, as well as American Ford, all experienced varying degrees of sales contraction.

In recent years, the layout pace of Chinese automakers in Australia has continued to accelerate, with market penetration achieving leapfrog growth. From 2022 to date, the number of Chinese models on sale in Australia has grown more than five times, reaching 70 models, with a total of 11 Chinese automakers and 22 brands taking root in the local market.

From January to April this year, the overall sales share of Chinese brands in Australia rose to 25%, a significant leap from less than 15% in the same period last year. In contrast, Japanese automakers, despite occupying 40% of the Australian market share in the first four months of this year, having deep roots, and Toyota remaining the highest-selling automotive brand in Australia, growth has basically stalled under the continuous impact of Chinese cars, and market share is being gradually eroded.

Image Source: Toyota

The trend of changing the global automotive industry landscape is becoming increasingly obvious: this year, the total volume of cars imported by Australia from China exceeded the number imported from Japan for the first time, which includes both domestic Chinese brand models and foreign brand models produced in factories in China.

In the first four months of this year, Australia imported 107,196 vehicles from China, up 60% year-on-year; imported 94,500 vehicles from Japan, down 23% year-on-year; China surpassed Japan for the first time to become Australia's largest automotive import source country; meanwhile, Australia imported 72,689, 47,492, and 17,569 vehicles from Thailand, South Korea, and Germany respectively, all lower than the import scale from China, and the market competitiveness of Chinese cars significantly improved.

Cox Automotive analyst Mike Costello analyzes that Australia's new car annual sales are stable at around 1.2 million units, the market volume is solid, and with more Chinese automakers continuing to enter the field, the market share of traditional automakers will be further squeezed. "Chinese rise, Japanese decline" has become one of the core trends of the Australian car market.

Mike Costello said: "Simply put, the current market pattern shows the characteristics of rising market share for Chinese automakers and declining market share for Japanese automakers. Japanese brands still have substantial overall depth, but the overall growth rate of the Australian car market is only a few percentage points."

Oil Prices and Cost-Performance Resonate, Chinese Enterprises Lead the Australian New Energy Track

In this round of market changes, new energy vehicles have become the core force leveraging the change in the pattern. Previously, Australia's electrification progress lagged behind the global mainstream market for a long time, with consumers preferring traditional fuel vehicles. However, the skyrocketing oil prices triggered by the Middle East situation, combined with government car purchase subsidy policies, significantly activated local new energy consumption potential, and the electric vehicle market welcomed explosive growth.

In March this year, sales of electric vehicles in Australia accounted for nearly 20% of total passenger car and SUV sales, and market penetration speed significantly accelerated. Industry predictions suggest that sales of electric vehicles in Australia in 2026 are expected to reach 150,000 units, achieving an increase of about 50% compared to last year.

Relying on dual advantages of technology and price, Chinese automakers have already occupied a dominant position in the Australian new energy track. Data shows that Chinese automakers hold a 54% share of the Australian pure electric vehicle market, and the share in the plug-in hybrid market is as high as 76%.

In terms of specific sales dimensions, Tesla Model Y slightly leads the pure electric vehicle sales list, with BYD Sealion 07 (Sealion 7) following closely; in the overall electric vehicle sales list, BYD leads by a wide margin with cumulative sales of 14,406 units, leading the second-place Tesla's 8,485 units.

Image Source: Tesla

The new energy trend has covered the entire market of new and used cars. According to data from the Australian Automobile Dealers Association, the transaction volume of local used electric vehicles doubled in March compared to February, and market consumption heat continued to heat up.

James Voortman, CEO of the Australian Automobile Dealers Association, stated that rising oil prices, policy subsidy support, combined with the entry of a large number of high cost-performance Chinese electric vehicles, multiple factors jointly accelerated the popularization process of local pure electric and hybrid models.

James Voortman said: "Many people ignore one point: electric vehicles pouring into the Australian market have seen a significant price drop, and one core reason is the entry of a large number of high cost-performance Chinese models. Lowering the threshold for car purchase, no need to bear high fuel costs daily, and combined with policy subsidies, for consumers planning to buy new or used cars, electric models already possess extremely strong purchase attraction."

Compared to the high usage costs of traditional fuel vehicles, Chinese hybrid and pure electric models balance the core advantages of low purchase price and low-cost maintenance, precisely matching the current Australian public's need to reduce living expenses.

Mike Costello stated: "Currently, there is increased pressure on people's living costs, and more and more people tend to choose electric vehicles, and Chinese automaker products just fit these two major market demands. Chinese vehicle pricing is generally more advantageous, hybrid and pure electric vehicle technologies are mature, and product strength is outstanding."

From a market logic perspective, the fuel-saving and durability advantages of Japanese fuel vehicles are gradually being offset by the comprehensive cost-performance of electric vehicles in the era of high oil prices, which is also one of the core underlying logics of the continued weakness of Japanese brands and the rapid rise of Chinese automakers. As the electrification wave continues to deepen, the market position of Chinese brands in the Australian market is expected to be further consolidated.

May 29 to June 7, 2026 (30th) Greater Bay Area Auto Show opens. BYD occupies Hall 1, creating an exclusive brand pavilion. BYD Commercial Vehicles makes its debut for the first time with a full matrix and full category lineup, comprehensively displaying the full scenario new energy traffic ecosystem layout.

As a global leader in new energy commercial vehicles, BYD Commercial Vehicles relies on the Group's core Three-Electric technology and whole industry chain advantages, builds a mature product system. This exhibition features two core categories: new energy buses and new energy trucks, establishing a benchmark for commercial green travel with hard-core technology, reliable products, and quality services.

In the truck sector, BYD debuts core models including pure electric light truck T5, sedan-truck T4, tractor Q3, water sprinkler truck T18, etc. The product line covers 3.5 tons to 31 tons, adapting to different scenario needs. Among them, the sedan-truck T4 adopts low resistance and lightweight design, achieving 100km electricity consumption of 18.5kWh (CLTC condition), balancing small truck practicality with sedan comfort, redefining pure electric sedan-truck. Since its domestic launch, the market response has been enthusiastic, and it has now successfully entered overseas markets such as Japan, Mexico, and Singapore. The 4.5-ton light truck T5 offers two choices: pure electric and hybrid, matching different bodies such as cargo fence, refrigerated, and box vehicles. Along with T4, it serves as a core model in the light commercial sector, adapting to logistics scenarios such as express delivery, supermarkets, and cold chain.

Pure electric tractor Q3 is equipped with multiple battery capacity versions, applicable to industrial parks, ports, and mid-to-short distance logistics transport, fully covering yard operations, short-distance distribution, and special transport. Pure electric water sprinkler truck T18 is equipped with a large capacity battery, maximum gradient exceeds 30%, easily adapting to various road conditions. The same series sanitation vehicles have escorted national ceremonies three times in ten years, demonstrating the hard power and green responsibility of Chinese new energy technology to the world with the highest recognition of new energy technology and quality.

As a global leader in bus electrification, BYD pure electric bus products cover 6 meters to 27 meters. On site, two major models pure electric bus B12 (European version) and C11 debut. Among them, the new bus C11 is built on the e-BUS platform 3.0, equipped with Blade Battery, CTC battery chassis integration, bus YunNian A, full-domain 1000V high voltage architecture and other core technologies, achieving comprehensive upgrades in safety, efficiency, and intelligence, creating a new high-quality travel choice for the road passenger transport sector.

As of now, BYD Commercial Vehicles global cumulative sales exceed 203,000 units, footprints cover 6 continents and over 70 countries and regions, being the first Chinese car brand to enter developed markets in Europe, America, Japan, and South Korea. In the future, BYD Commercial Vehicles will continue to leverage passenger-commercial synergy advantages, driving global commercial vehicle electrification development with technological innovation, helping build a green low-carbon traffic system.

【Lead: May 2026, BYD delivered a sales report of over 380,000 units, among which overseas sales exceeded 160,000 for the first time; however, BYD's single-month sales historical peak remained at 514,800 units in December 2024, with 57,200 units exported that month. These two sets of data reflect that BYD, sitting in the top chair of the new energy sector, is undergoing structural changes. BYD that grabbed the export dividend, exports soared; meanwhile, the domestic car market is experiencing a change from incremental to stock even possibly to shrinking volume. Even BYD cannot escape the pain of involution, presenting the "double life" of the industry leader, half smooth, half rough.】

Author: Li Suwan

According to April imported new car registration data released by the Korean Association of Import Cars (KAIDA), Chinese brand registration volume surpassed Japanese brands in the South Korean market for the first time, ranking in the top three countries for imported car sales. Of note, BYD's sales of 2,023 units exceeded the combined sales of the three Japanese brands Lexus (1,079 units), Toyota (829 units), and Honda (66 units) (1,974 units). Korean media generally regard this ranking as an important signal of the shift in the structure of the imported car market in South Korea.

Directly raising the cloud sail to cross the vast sea, BYD's overseas market continued to maintain high growth in May this year. Passenger cars and pickups overseas sales reached 160,177 units, an 80.7% increase year-on-year, setting a new historical record. Seagull, Song PLUS, Yuan Series and other models continued to sell well, with SHARK pickup truck volume exceeding 4,000 units for two consecutive months. With the product matrix continuously enriching and the global layout continuing to deepen, BYD's globalization process is advancing rapidly.

Benefiting from overseas market pull, BYD's total sales increased slightly by 0.26% year-on-year in May this year, ending the consecutive 8 months of year-on-year decline, and continued to win the champion of Chinese automotive enterprises' new energy vehicle sales with 383,453 units. Thus far, BYD has remained in the first place of domestic new energy vehicle monthly sales for a consecutive 60 months.

Relying on the "systematic ecological export" strategy from technology, production, channels to brand, BYD is becoming more and more brave in the overseas market. However, BYD's life situation at this time is like two sides of a coin. It advances boldly in the overseas market, but encounters cruel new tests in the domestic market. The current monthly sales in China are almost halved compared to the peak period. Structural adjustments are a mixture of joy and worry, and BYD is once again standing at a critical crossroads.

Can BYD Weld the Highlight Moment?

In the new energy track, BYD is the undisputed "Di King" in China and even globally. So far, its cumulative new energy vehicle sales have exceeded 16.5 million units. In recent years, while a group of international traditional car giants failed in the transition to electrification, leading enterprises such as "Di King" drove China's automotive industry to accelerate overtaking on a bend.

BYD's boss Wang Chuanfu has a forward-looking strategic vision, allowing this car company to catch the dividends of new energy and export two wind vane points. Relying on Blade Battery, DM-i Super Hybrid, e Platform and other full-stack self-developed systems, BYD has built cost moats that many car companies cannot cross through vertical integration of the industry chain, quickly grabbing the pure electric and hybrid market, gradually mastering strong pricing power in the 100,000-200,000 yuan main force model market, and further diluting R&D and production costs with scale effects, constantly pushing the cost advantage to the extreme.

While holding the "Price Slaughter Knife" to expand in the domestic car market, BYD also accelerated its extension of its entire industry chain layout, full-stack self-research, and cost advantages to the overseas market, precisely adapting to the needs of global diversified markets with a full price product matrix. In Southeast Asia/South America/Middle East markets, Yuan PLUS (ATTO3), Seagull focus on entry-level commuting, cost-performance ratio crushes Japanese fuel small cars, BYD's market share in Brazil's EV market exceeds 70%; in European and other markets, Seal, Song PLUS, Sea Lion 07EV constitute a core competitive matrix against Volkswagen ID series, Tesla Model 3/Model YCore Competitive Matrix. BYD's high-end models are gradually breaking the overseas market's stereotype that "Chinese cars rely on low prices", such as Denza focusing on European mid-to-high-end niche markets. Also, BYD commercial vehicle coordination, electric buses, forklifts go out simultaneously, such as Singapore electric bus market share exceeds 60%, passenger vehicles + commercial vehicles double pull local reputation.

Not only did products go out, BYD also accelerated localization of production globally, breaking tariff and delivery problems. Its four complete vehicle factories in Thailand, Brazil, Hungary, and Uzbekistan have started production, with Malaysia and Cambodia under construction. In addition, BYD's own RoRo fleet guarantees stable export capacity, solving industry sea transport bottlenecks, and signed top local automotive groups in each country as agents, gradually building thousands of brand direct + authorized stores in Europe, Southeast Asia, Middle East, and Latin America. With a set of combinations hitting, BYD's export has obviously accelerated.

After exports increased by about 1.4 times year-on-year in 2025 and broke the one million unit threshold for the first time, BYD's sales overseas continued to rise this year, largely buffering the pressure of BYD's sales decline in the domestic car market. However, for BYD to weld the highlight moment or even sprint to higher goals, it is inevitable to withstand the current cruel tests of domestic price wars backlash, narrowing technology advantages, and brand upward obstacles, breaking the dilemma of "defenders".

Can we find the key to value upward?

This year's domestic car market, how can it be described with a single word "hard". According to CPCA weekly report, national passenger car market retail in May was 1.545 million units, down 20% year-on-year, cumulative retail in the first 5 months of this year was 7.15 million units, down 19% year-on-year.

Due to weak consumption and car market shrinkage, car companies were forced to cut prices to grab market share, dozens of models collectively cut prices, exchanging price for volume diluted profits. At the same time, car companies also encountered unfavorable factors such as price increases in upstream lithium carbonate, non-ferrous metals and other raw materials. Price wars, high costs and weak demand are like three big mountains, further squeezing the profit space of the automotive industry. January to April 2026, automotive industry profit margin 3.4%, total profit 111.9 billion yuan, down 17% year-on-year, profitability pressure is still relatively large. In such a big environment, as the Leader BYD cannot be immune. In the first quarter this year, the company's net profit attributable to shareholders of the listed company was 4.085 billion yuan, down 55.38% from 9.155 billion yuan in the same period last year.

In the most competitive Chinese car market globally, in white-hot competition, BYD faces competitors like Geely Galaxy with nearly "pixel-level" benchmarking, plus the fierce attacks of new forces such as Leapmotor and Xiaomi, the difficulty to break the situation is not small. For example, Geely Galaxy's Xingyuan grabbed the Seagull's sales champion in the under 100,000 yuan niche market in 2025, in the 100,000 to 200,000 yuan core area, BYD even encountered more fierce encirclement and suppression by Leapmotor and other brands. Previously, BYD relied on Blade Battery and Super Hybrid to laugh off the Jianghu, but now Geely has Thor EM-i Super Electric Hybrid, SAIC has DMH, plus CATL's Qilin Battery, Shenhang Battery, Xiaoyao Battery and other technologies and products empowering many car companies, new energy sector hundreds of flowers blooming, BYD's technology is no longer unique. In addition, BYD also faces the challenge of user demand iteration. With new energy penetration rate exceeding 50%, the market moves from "trying new things" to "picky" stage, consumer car buying logic is also changing. BYD has room for improvement in smart cockpit, chassis tuning and other details, and its ride-hailing image is also difficult to support higher brand premium.

How to break the situation? BYD launches a combo, besides accelerating the promotion of globalization process, the more important measure is to focus on internal improvements, accelerate the iteration and upgrade of various technologies. In terms of intelligence, as of May 28, the number of BYD vehicles with assisted driving has exceeded 3.15 million units, Heavenly Eyes generates more than 200 million kilometers of data daily. On May 28, BYD announced the launch of urban pilot safety backup service, becoming the first car company in the world to realize both urban pilot and intelligent parking "double backup" at the same time. Three days after the conference, the daily active user volume of urban pilot for models equipped with Heavenly Eyes A, B assisted driving system increased by 50%. Previously, after the intelligent parking safety backup was launched, the function usage rate has increased from 21% to more than 90%. Wang Chuanfu said: "Dare to back it up, is true safety."

In the field of power technology, after the launch of the second-generation Blade Battery and Flash Charge technology, BYD is tightly rolling to continuously convert technological innovation into product competitiveness. Third-generation Yuan PLUS, Fang Cheng Bao Bao 5 Flash Charge version, Bao 8 Flash Charge version, Denza N9 Flash Charge version and other models have successively launched. At the same time, Dynasty Network Great Tang will be launched in mid-June, Denza N8L Flash Charge version, Seal 08, Sea Lion 08 will also be launched successively, further expanding BYD's Flash Charge product matrix.

In addition, BYD increased the intensity of high-endization, Denza, Fang Cheng Bao and Yangwang gradually have results, May Fang Cheng Bao, Denza combined sales 46,489 units. Among them, Fang Cheng Bao sales 30,186 units, up 139.7% year-on-year, creating a new high this year; Denza sales 16,303 units, continuing to maintain growth trend; Yangwang sales 286 units, up 105.8% year-on-year. The three high-end brands join forces, finally breaking the bottleneck of their proportion in BYD's total sales of less than one tenth.

Although the cruel fact is if export volume is excluded, BYD's sales in the domestic market in May are still far from the peak period, but its total sales year-on-year bottoming out slightly rising is still a positive signal. BYD is empowering products through new technologies such as second-generation Blade Battery and Flash Charge. With the "Great Tang" known as the most cruel "Value Assassin" in the full-scale market, holding 100,000 pre-sale orders, coming soon, and other new models successively launched, BYD is launching a new round of offensive value upward. It has come to a critical crossroads again, needing to use patience, wisdom and courage different from the past to deal with this profound change from "Scale Priority" to "Value Supreme", even not limited to the car making field. Recently, BYD announced making humanoid robots, perhaps starting to speed up the exploration and transformation towards technology companies outside the automotive congestion space, wanting to catch the new trend of AI.

Review

Currently, the domestic car market is declining, car prices are falling, and car company profits are declining. In such a big environment, car companies led by BYD face severe challenges while opening up a new round of continuous upward exploration of China's new energy vehicle industry. Going overseas is one of the breakthrough paths, but more importantly, how to find the key to value upward through technical innovation in this most competitive market in China.

(This article is original to "Heyan Yueche", without authorization, shall not be reproduced)

On June 9, at the Shenzhen Pingshan headquarters, BYD held its 2025 Annual General Meeting. Nearly a thousand shareholders and shareholder representatives attended in person, setting a new record for on-site attendance at the company's previous shareholder meetings. During the meeting, BYD Chairman Wang Chuanfu and other executive team members further addressed shareholder concerns regarding sales volume, production capacity, intelligent development progress, overseas layout, and stock price controversies, among other issues.

1. Regarding Sales Fluctuations

Among these, regarding the cyclical fluctuations in sales volume caused by adjustments in the new energy vehicle purchase tax policy in the first quarter of this year, Wang Chuanfu stated: "The worst is already behind us."

As a Chinese automotive enterprise that focuses exclusively on new energy vehicles and does not produce fuel-powered cars, data shows that in the first quarter of this year, BYD's total sales volume was approximately 700,000 units, a year-on-year decrease of 30.01%. Affected by the decline in sales, BYD's revenue and net profit in the first quarter also declined, with net profit attributable to shareholders decreasing by 55.38% year-on-year.

It is worth noting that although policy adjustments brought significant impact, the overall decline in the first quarter of this year was not due to insufficient internal momentum within BYD, but rather more due to external environmental influences. As the penetration rate of new energy gradually increases, and the transition to Gen-2 Blade Battery and Flash Charging technologies progresses, BYD has gradually returned to a state of positive growth.

In March this year, BYD released the second-generation Blade Battery and Flash Charging technologies. As key technologies to conclude the first half of electrification for BYD, the two technologies directly address the core refueling anxiety of electric vehicle users. Immediately after their release, they quickly received recognition from domestic and international markets, causing orders to surge. After active adjustments in March and April, in May, BYD's sales volume returned to positive growth.

2. Regarding Gen-2 Blade Battery Production Capacity Increase

Of course, the current Gen-2 Blade Battery still faces challenges of production bottlenecks. Due to the huge difference in internal structure between the Gen-2 Blade Battery production line and the first generation, the original production lines need to be modified and upgraded, and capacity ramp-up requires a certain period. Regarding the current "supply falling short of demand" for the second-generation Blade Battery, Wang Chuanfu also gave a positive response at this annual general meeting: the capacity for the Gen-2 Blade Battery is currently rising month by month, with an increase of 20,000 to 30,000 units per month.

"How many cars BYD can sell this year does not depend on orders, but depends on battery production volume." Wang Chuanfu stated that a larger release of production capacity will occur in 2027, at which time both domestic and international markets will exert effort simultaneously.

3. Regarding Overseas Market Growth

Especially worth noting is that in BYD's sales structure this year, as the second growth curve, the growth momentum of BYD's overseas market is gradually being realized. In 2025, BYD's cumulative overseas sales exceeded one million units. From January to May this year, BYD's overseas sales of passenger cars and pickup trucks have reached 614,500 units, with overseas sales continuously setting new records.

Based on this momentum, Wang Chuanfu also clearly stated that this year, BYD is expected to exceed its overseas sales target of 1.6 million units. Regarding the development of the overseas market, Wang Chuanfu also clearly emphasized that BYD's exports should not only pursue growth but must also adhere to the principle of localization, maintain long-term stability, and achieve win-win results with the local area.

Wang Chuanfu also sorted out the global production capacity map one by one at the annual general meeting: South America uses Brazil as the main production base; the European Hungary factory has entered the production phase in 2026; the Southeast Asia Thailand factory is already in production, and the Indonesia factory is about to enter mass production. Demand in the Middle East market is strong, and the Australian market is growing steadily. BYD plans to comprehensively layout Flash Charging stations overseas in the fourth quarter of 2026, and has already completed intelligent driving R&D and technical layout in each core market.

4. Regarding the Layout of the Second Half of Intelligentization

Supporting BYD's comprehensive blossoming both domestically and overseas, the core keyword remains "Technology".

After releasing the second-generation Blade Battery and Flash Charging technologies in March this year, in May, BYD also held a strategy conference on intelligentization, officially proposing three goals for the second half of intelligentization: zero traffic accidents, Super Driver, and Super Secretary. This launched the era of city navigation for everyone and released several major technologies including China's first 4nm intelligent driving chip Xuanji A3, L3/L4 technology, DiDi Xia intelligent agent, etc.

At the press conference, Wang Chuanfu announced that BYD will continue to invest over 100 billion yuan in R&D funds to solve traffic safety issues. At this annual general meeting, Wang Chuanfu judged that according to the current speed of AI technology development, L3 and L4 autonomous driving will definitely land earlier. Addressing concerns about L3 implementation, Wang Chuanfu also responded that BYD has made sufficient preparations in various dimensions such as chips, computing power, data, and ecosystems. Once regulations land, BYD will take off quickly.

5. Regarding the Challenge of Brand Premiumization

BYD's brand premiumization has always been one of the topics most concerned by the outside world. At this annual general meeting, regarding the premiumization transformation that shareholders were concerned about, Wang Chuanfu's response was also very straightforward.

He believes that cars are transportation tools involving life safety and cannot rely solely on "flashy traffic". The competition of premiumization must eventually return to the source of technology and products to build user trust. To this end, he proposed the "Three No Principles": never disparaging competitors, never complaining about the external environment, and never sacrificing technology investment for short-term interests.

Wang Chuanfu also revealed that in the coming two years, BYD will launch a batch of more stunning new technologies to win reputation in the mid-to-high-end market. Currently, BYD's premiumization has made corresponding progress in the overseas market.

6. Regarding Raw Material Cost Increases

Due to the rise in raw material costs, in recent times, several domestic automotive companies have successively raised terminal selling prices, and BYD is one of them. Regarding this round of price hikes, BYD Board Secretary Li Qian provided BYD's four response strategies:

Continuously create cost advantages relying on technological innovation;

Accelerate the premiumization of product structure to dilute material costs with higher profit per vehicle;

Promote overseas market expansion, overseas profit per vehicle is significantly better than domestic;

Rely on scale advantages to continue volume sales, spreading out fixed costs.

7. Regarding Undervaluation of Stock Price

Controversies over stock price and valuation have always plagued BYD. The 2025 financial report shows that BYD's revenue exceeded 800 billion yuan, with a net profit attributable to shareholders of 32.6 billion yuan. The gross profit margin of new energy vehicles was 28.8%, far exceeding Tesla's 17.8% for the same period, but the price-to-earnings ratio has long been below the industry average, and the HK stock market capitalization is only about 1/14 of Tesla's.

Facing questions about "high sales volume, low valuation", Wang Chuanfu stated, "Everyone agrees on BYD's potential, but the current stock price has not yet reflected it." In this regard, Wang Chuanfu also hopes shareholders will remain patience and engage in value investment.

8. Regarding the Goals for the Next Five Years

In memory, BYD rarely discussed sales targets in public occasions, but at this annual general meeting, Wang Chuanfu made a firm and clear commitment: "Five years later, in terms of scale, BYD will be able to achieve true global number one." Regarding specific sales targets, Wang Chuanfu stated that by 2030, BYD will strive to achieve an annual production and sales volume of 10 million units.

To achieve this goal, the dual-wheel drive of domestic and overseas markets, Gen-2 Blade Battery and Flash Charging technologies, more stunning technologies to be launched in the coming two years, the ramp-up of overseas factory capacity, and the gradual breakthrough in premiumization will all be sources of confidence for BYD to rush towards this long-term goal.

Every month at the start, the day when car companies release sales rankings is full of buzz. However, the May performance report released by BYD left many people gasping.

A monthly sales volume of 383,000 units, ranking first in the new energy market for 60 consecutive months, is a picture that was unimaginable in the past in the history of China's automotive industry. But what is more worth paying attention to than sales figures are some subtle changes behind this report card.

The battlefield behind 380,000 units is not just in the showroom

In BYD's May sales data, the Dynasty and Ocean networks remain the absolute main force, with a combined total of over 330,000 units supporting half of the sales. However, the trend changes of these two high-end brands, Fangchengbao and Denza, signal a more positive outlook.

Fangchengbao sold over 30,000 units in a single month, with year-on-year growth close to 140%. The reason behind this is actually not difficult to understand. The arrival of the Flash Charge version models allowed users who were originally interested in hard off-roading but hesitated on refueling efficiency to finally find a reason to make up their minds and pay. In the past, many people might have felt that charging these body-on-frame vehicles was too slow, making them feel unsure about going out for fun. Now, charging speed is basically the same as refueling, so why not buy one that is quieter and more cost-effective?

Denza's sales figure of 16,303 units wasn't as explosive as Fangchengbao's, but it continued to maintain growth. You have to know that Denza's customer group is actually more "picky", and after the launch of the N9 Flash Charge version, many potential customers who were looking at Li Auto L9 and AITO M9 are slowly shifting towards Denza.

As for Yangwang with a monthly sales of 286 units, year-on growth directly doubled. For Chinese brands in the price range above one million, it is no longer a question of "whether anyone buys", but "whether it is worth buying". Yangwang's customer group mostly owns more than one luxury car at home. Their choice of Yangwang is undoubtedly also a trust in BYD's electrification and intelligent technology.

Looking at these data points together, it is not difficult to find that the mainstream Dynasty and Ocean are still responsible for volume, while Fangchengbao and Denza are responsible for satisfying upgrade needs in the 250,000 to 500,000 yuan range, and Yangwang stands at the tip of the pyramid as a banner of brand technology. The benefit of this pyramid structure is that no matter how the market fluctuates, BYD can find its growth points in different price bands. The May performance report proved the resilience of this product matrix.

“Daring to take responsibility”is not just a slogan, but a rebuilding of user trust

Remember the "Dare to Act" launch event in late May, where BYD threw out the phrase "Daring to take responsibility is true safety". And just within three days of launching the "dual backstop" of City Pilot and Intelligent Parking, the daily active user volume of City Pilot for vehicles equipped with the God's Eye A, B systems directly increased by 50%. This increase illustrates a fact: users do not want to use intelligent driving, they were just previously afraid to use it. Previous intelligent driving systems, in many scenarios, would directly hand over control to the driver when encountering unexpected situations, making many people not want to drive again after using it once or twice.

Looking at the data for intelligent parking, it is even more exaggerated. After the safety backstop was launched, the function usage rate skyrocketed from 21% to over 90%. This contrast is so huge it seems unbelievable, but it truly reflects the ordinary user's real attitude towards automatic parking: it is not that they do not need it, but that they dare not trust it. Especially in some complex parking spaces, such as multi-level garages, narrow alleys, or places with low obstacles, previous systems often failed to identify accurately or went on strike halfway. Users would not touch it again after being scared twice. Now that BYD says "I will take responsibility if something happens", user mentality has completely changed.

“Daring to take responsibility, that is true safety”, the point of this sentence lies not in "safety", but in "daring". Because in the current industry environment, the brand that dares to take responsibility for its intelligent driving system can be counted on one hand. Most car companies wrap themselves tightly with various disclaimers, saying they are L2+, L2++, but if something really happens, the responsibility is all the driver's. BYD this time put the two words "take responsibility" on the table, essentially challenging a tacit rule of the industry, and also trying to rebuild user trust in intelligent driving.

From a business logic perspective, this is also a smart strategy. BYD currently has over 3.15 million vehicles equipped with assistive driving, and the God's Eye system generates more than 200 million kilometers of data daily. Such a large data scale means its system iteration speed will far exceed brands with smaller vehicle holdings. With enough real-world test data, there is the confidence to take responsibility. This logic is not wrong.

The significance of overseas monthly sales of 160,000 lies not just in the numbers

May's overseas sales volume for BYD broke through 160,000 for the first time, with year-on growth of 80.7%. The continuous hot sales of Seagull, Song PLUS, and Yuan series in overseas markets show that Chinese brand small electric vehicles and compact SUVs already possess the ability to compete directly with Japanese and German brands on price-performance ratio and product strength. Especially in markets like Southeast Asia, South America, and the Middle East, consumer acceptance of electric vehicles is rapidly improving, while local domestic brands' product strength cannot keep up, which gives BYD a very good window period.

More worth paying attention to is the performance of the SHARK pickup, with wholesale volume breaking 4,000 units for two consecutive months. Although not particularly large in the global pickup market, for a Chinese brand pickup, this is already a milestone. Pickups are a necessary vehicle model in markets like Southeast Asia, Australia, and the Middle East, and the profit margin is much higher than sedans and SUVs. If SHARK can establish a foothold in this category, it will greatly help improve BYD's overseas profit structure.

Of course, the overseas market is not a smooth path. Tariff barriers in the European market, policy blockades in the US market, and different charging standards and regulatory requirements everywhere are all problems BYD needs to solve step by step. But the May data at least shows that BYD's globalization is being promoted solidly. From the Thailand factory to the Brazil base, from Uzbekistan to Hungary, BYD's manufacturing map is spreading globally.

Conclusion

With the launch of the Tang in June and subsequent Flash Charge version models, BYD's product rhythm and market response capability will be further tested. Whether the overseas market can maintain a standard above 160,000 units will also be an important observation point in the coming months. Anyway, this May report is already weighty enough. It is not only a new high in numbers but also a signal, indicating that BYD is shifting from "selling cars" to "taking responsibility". In this market full of uncertainty, this shift may be more meaningful than the sales figures themselves.

Recently, media reports claimed BYD was considering acquiring the luxury car brand Maserati. On May 21, BYD responded publicly: It is untrue, it is a rumor.

Hot Tech learned that this rumor stems from Li Siting, BYD Vice President of International Business, at the London Auto Show, regarding the statement "BYD considers acquiring traditional European car brands facing operational difficulties." She pointed out publicly that Maserati is interesting, conveying a signal of "acquisition" to the outside world.

On May 14, BYD Executive Vice President Li Ke told the media that the company is negotiating with the Stellantis Group (Maserati's parent company) to acquire its idle factory in Italy, without mentioning brand acquisition content. Stellantis only acknowledged the news of the factory acquisition negotiation and did not respond to the brand sale content.

It is known that in recent years, BYD, which has developed rapidly, owns five major brands: Dynasty, Ocean, Denza, Fang Cheng Bao, and Yangwang. It has completed coverage from family commuter cars, off-road, and luxury performance vehicles. Its self-developed technologies such as Blade Battery, DM-i Hybrid, and DiSus Chassis are deeply popular in domestic and international markets.

Currently, BYD New Energy Vehicles have been sold in more than 110 countries globally, and have even invested and built factories in countries such as Thailand, Uzbekistan, Brazil, and Hungary. This contact between BYD and the Stellantis Group seems more like an attempt to increase overseas capacity. If negotiations succeed, BYD can directly reduce production and transportation costs and create more profits. The reason for the appearance of the "rumor" is likely due to excessive media interpretation leading to misinterpretation. This official denial can be considered as putting an end to this farce.

As the last page of the calendar for May 2026 is turned, on the map of the Chinese automotive market, a peak named "BYD" appears increasingly towering. The monthly new energy vehicle sales figure of 383,453 units is not just a cold statistical result, but also an in-depth report on technological faith, system resilience, and global ambition. Behind this report card, what we see is no longer just a car manufacturer chasing sales, but how a Chinese brand reshapes industry rules through hard core technology, and how to complete a gorgeous transformation from "participant" to "leader" on the global stage.

Stability of the Base and Breakthrough at the High End

In the business world, continuous success is often more awe-inspiring than accidental explosions. The 383,453 units report card submitted by BYD in May is most shocking not by the magnitude of the numbers, but by the structural health shown behind it.

First, is the "rock solid stability" of the base. The Dynasty and Ocean two series combined contributed over 330,000 units of sales, which constitutes the solid chassis of BYD's huge body. This massive national-level sales scale means BYD has completed the leap from "niche trial" to "mass favorite". It no longer relies solely on one hit car to rule the world, but has established a massive product ecosystem capable of self-blood supply and self-renewal. Standing at the top of domestic new energy sales for 60 consecutive months is not only the accumulation of time, but also the ultimate test of market sensitivity and supply chain control.

However, if it only stays on the scale of quantity, BYD might only be called "big", not "strong". The real highlight is the "overwhelming momentum" of its high-end brands. Fang Cheng Bao monthly sales of 30,186 units, year-on-year growth of 139.7%, setting a new high for the year; Denza sales of 16,803 units, maintaining steady growth. This data is highly symbolic; it marks BYD breaking through the "premiumization curse" that Chinese brands have long found difficult to overcome. In traditional cognition, domestic brand upward breakthroughs often come with sales pain, but BYD has proven with facts that Chinese technology can also support premium pricing, and Chinese design can also win the favor of the elite class. The continuous delivery of the Yangwang brand further pushes this exploration to the extreme, showing the courage to explore unknown boundaries.

From "Spec Stacking" to "Experience Guarantee"

In today's car market, talking about technology is no longer strange; the strange thing is how to convert technology into user-perceivable sense of security. BYD's moves in May perfectly interpret what "technology puts people first" means.

If past car competition was a battle of engine RPM, then future competition is a game of code lines and data streams. By the end of May, the number of BYD models equipped with assisted driving exceeded 3.15 million, and Heavenly Eye generates data of over 200 million kilometers daily. This massive data torrent is the most precious feedstock for training AI. But BYD did not stop at owning data, but took a more revolutionary step - launching City Pilot Safety Guarantee Service.

"Only dare to guarantee is true safety." This sentence spoken by Wang Chuanfu rings loud. In the current industry involution, many enterprises are keen on promoting L2, L3 level parameters, but few enterprises dare to make safety promises in actual usage scenarios. BYD became the world's first car manufacturer to simultaneously achieve City Pilot and Smart Parking "dual guarantee". This is not just functional iteration, but also responsibility. It means when the vehicle is driving in complex urban road conditions, the system is no longer a cold auxiliary tool, but becomes the guardian "steady holding up" behind the user. This change from "showing off skills" to "being responsible" is the dividing line of industry maturity.

At the same time, the launch of the second generation Blade Battery and Flash Charge Technology further consolidated the underlying logic of the electrification era. Safety and efficiency are often at odds. But BYD, through technological iteration, allows the third generation Yuan PLUS, Fang Cheng Bao Bao 5 Flash Charge Edition and other models to achieve "charging as fast as refueling, power consumption as cheap as water". This is not only a good medicine for solving user anxiety, but also a key driver for promoting electric cars to fully replace fuel cars.

From "Product Export" to "Value Export"

To observe an enterprise's international status, one cannot look only at its market share in the domestic market, but more at its performance on the world stage. In May, BYD's overseas sales reached 160,177 units, an increase of 80.7% year-on-year, setting a new record. Behind this number is a microcosm of China's manufacturing crossing to China's creation.

It is worth noting that BYD's overseas strategy is not a simple "clearing inventory" or "earning foreign exchange". The hot sales of Seagull, Song PLUS, and Yuan series in overseas markets prove that its product definition ability has already possessed a universally spoken language globally. Especially the SHARK pickup truck continuous two months sales breakthrough 4,000 units, this shows BYD is accurately cutting into the demand pain points of different global market segments.

From Thailand's factory to Brazil's streets, from European squares to Middle East deserts, BYD's wheels are rolling over every corner of the world. This is not only product output, but also standard output, cultural output. It lets the world see that Chinese new energy vehicles are no longer synonyms for cheap, but representatives of high-tech, high-quality lifestyle. With the launch of more heavy products such as Denza N8L Flash Charge Edition, Seal 08, Sealion 08 etc., BYD's global product matrix will be more full, and its global layout chess game will become more active.

After the Summit, There Are Vast Seas and Stars

Looking back at this report card for May 2026, what we see is not only a string of growing numbers, but also the evolution history of a Chinese leading car enterprise. From Dynasty Ocean national popularization to Denza Fang Cheng Bao high-end breakthrough; from Blade Battery safety cornerstone to Heavenly Eye intelligent guard; from domestic market dominance to global territory opening.

BYD is using an almost obsessive technological faith to write a glorious chapter belonging to China's automotive industry. It tells us that true strength is not defeating all opponents, but establishing a set of standards that opponents cannot reach. When others are still discussing how to stack screens and computing power, BYD has already talked about how to guarantee safety; when others are still anxious about battery spontaneous combustion, BYD has already brought flash charge technology into thousands of households.

Reaching the top of dual rankings, for BYD, is not the end point, but a new starting point. At this starting point, what it faces is no longer chasers, but how to define the future mobility proposition. We have reason to believe that with the continuous release of technical dividends and in-depth globalization strategy, BYD will continue to lead the way and win more respect and cheers for Chinese brands on the global stage.

Recently, BYD launched a panel van based on the Dolphin in the UK, named DolphinCargoe-Van. The local price is 29,300 pounds, roughly 264,000 RMB, and pre-orders have now opened at authorized BYD stores in the UK.

This vehicle is modified from the familiar home-use Dolphin. BYD removes the rear seats and adds a metal partition behind the front row. The modified vehicle offers a loading capacity of 1,093 liters and also provides 47 liters of hidden storage space, transforming the original passenger car into a light commercial vehicle. That is to say, it is the "Cargo Version Dolphin", specifically targeting light logistics markets such as urban distribution, express delivery, repair services, etc.

Max length 1.25 meters, max width 1.16 meters, width between wheel arches about 1.02 meters, height 0.71 meters. A 47-liter small compartment is also hidden under the floor. The floor has been treated for wear resistance. The rear of the vehicle offers two choices: enclosed baffle or retaining the window, making it convenient for different merchants to select as needed.

Regarding power, the new car continues to adopt the Dolphin's power system, equipped with a 60.4kWh Blade Battery and a 204 horsepower motor. The combined range can reach 426 kilometers, and the urban driving range can reach up to about 558 kilometers.

In terms of configuration, the vehicle comes standard with seat heating, steering wheel heating, 360-degree panoramic vision, and 220V external discharge functionality, allowing direct connection of electrical equipment for repairs or street vending.

The new car is marketed in the UK, an important step for BYD to complete its European product layout, filling the passenger and light commercial vehicle product lines. Overall, the launch performance needs market validation, and it is expected to be promoted to other European countries in the future.

BYD's strategy this year is to go global and target international markets. In May, BYD sold a total of 160,600 vehicles overseas, an increase of 80.7% year-on-year. Overseas sales accounted for more than 42% of total sales, and BYD's Ro-Ro ships are nearly insufficient. Recently, BYD sold the Denza Z9GT to Europe, making a grand impression.

BYD has already built or plans to build factories in countries such as Brazil, Thailand, Uzbekistan, Turkey, and Hungary. Ultimately, going global, having a solid product is the first step, but it is just the first step. If every subsequent step is taken firmly, then more and more foreigners who are "hooked" on domestic cars, or even "obsessed", will become more numerous.

BYD officially released the May 2026 production and sales flash report, with new energy vehicles from all brands reaching a monthly sales volume of 383,453 vehicles, a slight increase of 0.26% year-on-year, achieving year-on-year positive growth in monthly sales after ten months; among them, passenger car deliveries reached 376,990 units, surging 19.4% month-on-month, wiping out the pain of previous model iterations, presenting a new pattern where the domestic base is stable, overseas sales are soaring, and high-end brands are scaling up across the board. Amidst the market environment of intensified competition in the domestic new energy sector, Tesla FSD entering China, and an intense launch of independent new products, it has forged a unique structural growth path.

The Dynasty and Ocean main brands combined sold 330,215 vehicles in May, accounting for over 80% of the group's total sales, remaining the stabilizer for BYD's sales volume. The full series had 8 models exceeding 20,000 units in monthly sales, covering products from 50,000 entry-level commuter to 200,000 home SUV.

Inside the Dynasty Network, the Yuan family sold 56,691 units, and the Song family 51,370 units. Both crossed the 50,000 threshold, becoming two major sales pillars for the brand, catering to home commuter and urban-rural travel needs; the Qin family followed closely with a stable performance of 28,360 units. The Han and Tang series maintained a volume in the six-thousand range, deeply cultivating the mid-to-large home sedan and SUV niche markets; the brand new model Xia is in the market cultivation phase, delivering 1,810 units monthly, with potential for steady volume growth as channels expand.

The Ocean Network's growth momentum is even more rapid, with 5 models entering the 20,000 club across the series: Sealion 42,615 units, Seal 34,117 units, Seagull 39,919 units, Dolphin 22,260 units, and Song PLUS 27,755 units. Among them, Seagull remains the best-selling entry-level commuter model thanks to its affordable pricing of 60,000-80,000. Sealion, as a new volume model, stands firm at the 40,000 level upon launch, filling the mid-size SUV product gap in the Ocean Network and perfecting the Ocean product tier layout. From commuter small cars to compact SUVs, the two main brands rely on DM-i hybrid and pure electric dual-line technologies to牢牢锁住 the mainstream home market share within 150,000 domestically.

The high-end matrix of Denza, Fang Cheng Bao, and Yangwang sold a combined 46,489 vehicles in May, officially breaking away from the niche positioning to become a new pivot for BYD's brand premium and profit growth, breaking the industry curse of difficulty in high-end breakthrough for domestic brands.

The off-road brand Fang Cheng Bao sold 30,186 units monthly, surging 139.7% year-on-year, creating a new high in monthly sales since the brand launched. Its Titanium 7 model sold 18,280 units monthly, while Leopard 5 and Leopard 8 output remained stable, continuously squeezing the survival space for joint venture and imported models in the 250,000-400,000 hardcore off-road niche market.

Denza delivered 16,303 units in May, with the MPV benchmark D9 selling 6,721 units, and the Z9 series close to 6,000 units. MPV and mid-to-large sedan dual-line efforts helped them stand firm in the luxury new energy track; the million-level ultra-luxury brand Yangwang continued its steady climb, delivering 286 units that month, a year-on-year increase of 105.8%, completing market verification of the domestic brand ceiling product and forming a full price range product layout from 100,000+ home, 300,000-400,000 off-road, 500,000 luxury MPV to million-level flagship.

In May, BYD's overseas sales of passenger cars and pickup trucks reached 160,177 units, surging 80.7% year-on-year. Exports accounted for over 42% of the full series total sales, setting a new historical high for brand export and becoming the core driving force to stabilize May overall sales and achieve year-on-year positive growth.

Southeast Asia, Europe, and Latin America became the main incremental markets. Seagull, Song PLUS, and Yuan series continued to top new energy best-seller lists in multiple countries; the SHARK pickup truck exceeded 4,000 units in monthly exports for two consecutive months. Relying on the completion of localization production in Thailand, Brazil, Hungary, and Uzbekistan with four overseas vehicle factories, localized production continues to land, avoiding tariffs while rapidly penetrating terminal channels. Against the background of stock market competition in the domestic auto industry and normalized price wars, the rapidly expanding overseas market effectively counteracts sales volatility brought by domestic model iterations, officially upgrading from a supplementary market to BYD's core growth engine. As of now, BYD's global cumulative new energy vehicle sales have exceeded 16.5 million units, with the globalization map continuously broadening.

May marked a key node in BYD's intelligent driving landing, with the God's Eye intelligent driving system becoming a core bonus point for models: the number of vehicles with advanced intelligent driving across all brands exceeded 3.15 million, with daily road test data exceeding 200 million kilometers; that month, BYD implemented City Pilot and Smart Parking dual safety backup services, becoming the world's first auto manufacturer to achieve dual intelligent driving backups. Three days after policy implementation, the activation rate of models equipped with the God's Eye system in cities surged 50%. Intelligent driving experience upgrades directly drove in-store order conversion, solidifying product competitiveness for subsequent models to continue volume sales, and facing the intelligent driving market shock brought by FSD entering China.

From data details, BYD's cumulative sales from January to May 2026 were 1,405,039 units, down 20.32% year-on-year. The core reason is that the full series of main models were concentratedly iterated, and the capacity ramp-up of the 2nd Gen Fast Charge Blade Battery was restricted. The new Flash Charge Battery upgraded fast charging and low-temperature performance. Full series iteration models prioritized installing new batteries, but production line retrofitting dragged down capacity release. Order backlogs on popular models and delayed deliveries compressed the May delivery volume to a certain extent.

As the end of the second quarter approaches and the 2nd Gen Blade Battery capacity continues to release, coupled with new models such as Denza N8L, Fang Cheng Bao Titanium 7 Pure Electric Version, Sealion 05, and Xia L landing the market, the industry generally predicts that BYD's full brand sales in June are expected to exceed 400,000 vehicles. Relying on the four-dimension development logic of low-end volume locking share, high-end raising profit, overseas pushing volume, and intelligence improving product power, amidst the intensified new energy elimination round in the domestic market, BYD's full category layout advantage continues to amplify, securing its status as the domestic new energy leader, accelerating steadily towards global top auto manufacturers.

In the first four months of 2026, the pure electric vehicle market in Indonesia witnessed significant growth. Amidst this wave of green travel, BYD firmly secured the top position with absolute advantage, becoming the most eye-catching Chinese brand in the local market.

According to the latest data released by the Indonesia Automotive Industry Association, wholesale sales of pure electric vehicles by BYD in Indonesia reached a cumulative total of 17,098 units from January to April this year, successfully claiming the local electric vehicle sales championship. This figure not only far exceeds other brands but also validates BYD's strong competitiveness in the overseas market.

At the product level, BYD has constructed a rich and diverse model matrix in the Indonesian market. The Seagull, Yuan Plus, Dolphin, BYD M6, Seal, and Sealion 7, totaling six models, worked in synergy to cover full-scenario needs ranging from entry-level commuting to high-end travel. Whether for young first-time buyers or multi-person households, everyone can find electric vehicle models suitable for their specific needs within BYD's product line.

Entering April, BYD continued to maintain a strong growth momentum in the Indonesian market. Wholesale sales for the month once again ranked first in the industry, demonstrating the brand's increasingly strong recognition among Indonesian consumers. Behind every order lies a user's genuine trust in BYD's quality and service. From the streets of Jakarta to the suburbs of Bandung, an increasing number of BYD models are becoming a moving landscape on Indonesian roads.

It is worth noting that the success of the Indonesian market is not an isolated case. As a crucial link in BYD's global strategy, Indonesia, along with other overseas markets, is jointly scripting a new chapter in BYD's "going global" blueprint. From Southeast Asia to Europe, from Latin America to the Middle East, BYD is constantly refreshing the perception boundaries of Chinese automotive brands overseas with solid product capabilities and stable delivery capabilities.

Industry analysts believe that BYD has not only "gone out" but has truly achieved a deep qualitative transformation of "going in." This leap signifies that China's new energy vehicles have grown into trusted leaders on the global stage.

As usual, BYD submitted a May sales performance report that left the industry speechless. Not only did domestic new energy vehicle sales reach 383,453 units, ranking first in domestic new energy sales for 60 consecutive months; overseas volume surged 80.7% unexpectedly, sales breaking 160,000 units for the first time. Rumors say BYD's eight roll-on/roll-off ships were not enough, and recently they even rented one to urgently help transport finished cars;

In the domestic market where NEV penetration has exceeded 40%, everyone is extremely sensitive to prices, and the elimination round has been accelerated. Yet BYD still maintains double-digit year-over-year growth. Now with the overseas market gradually becoming the second growth engine, what does this mean? Although this month set a new historical record, it can be confirmed that BYD's "ceiling" in the following period will likely be far higher than most people imagine.

Domestic Foundation: Dynasty and Ocean Stable as Rock, How Thick is the Base with 330,000 Monthly Sales?

Let's look at the domestic foundation first. BYD Dynasty and Ocean Network combined sales 330,215 units, contributing over 86% of sales. This number itself is a watershed because relying solely on these two product sequences, BYD is already a strong contender for Chinese automaker sales champion. Have you noticed this year Dynasty and Ocean models feature technology trickling down, combined with economies of scale suddenly pulling out a virtuous cycle. Sales matching technology lets everyone feel good product experience, naturally reputation spreads, friends' introductions dispel concerns about EVs, even concerns about BYD, naturally people walk into the stores.

Results found: Fifth Gen DM, e-Platform 3.0, Second Gen Blade Battery these core technologies, already downgraded from high-end models to 100,000-level products,实质上 means making technology affordable. Monthly 330,000 volume, means single car R&D cost, mold cost, supply chain cost are maximally spread thin. Opponents want to fight BYD price war, will find their costs cannot hold up. More critically, these two product sequences still continue iteration. 3rd Gen Yuan PLUS, Seal 08, Sea Lion 08 etc new cars launching soon, flash charging technology also accelerating popularization. Foundation not aging, but constantly refreshing.

May Fang Cheng Bao sales 30,186 units, YoY growth 139.7%, Denza sales 16,303 units, Yangwang sales 286 units, YoY growth 105.8%. Actually Fang Cheng Bao explosion not accidental, Leopard 5, Leopard 8 plus flash charging tech, Fang Cheng Bao in hardcore off-road + NEV niche track, usage experience almost no opponents, more people starting to understand, turning is inevitable.

Overseas Explosion: Single Month 160,000 Units, Globalization from "Story" to "Numbers"

Let's compare 2025 full year first, BYD overseas sales about 800,000 units. But 2026 first 5 months, overseas cumulative sales already quickly approaching 600,000 units. If maintaining current growth rate, full year overseas sales breaking 1.2-1.5 million units not impossible.

Look at a few key regions: Seagull, Song PLUS, Yuan Series in Southeast Asia, Europe, Latin America recognition getting higher and higher. SHARK pickup trucks for two consecutive months break 4,000 units. Domestic pickups one year only 400,000 units. If these single regions can sell one-tenth of domestic, later globally rebuild one much larger than domestic pickup consumption market volume, not what is difficult.

Objectively speaking, past overseas consumers to Chinese cars cognition is "cheap but unsafe", BYD with Blade Battery abroad alone strength gradually reverse this impression, especially in Thailand, Brazil etc, BYD already become EV symbol. Plus BYD already in Brazil, Hungary, Thailand build factories producing, localization is a very good marketing way, more local people understand BYD, understand Chinese cars.

BYD Leadership: Intelligent Driving Safety Net

Wang Chuanfu personally announced BYD as City Pilot Safety Net Guarantee Service, his sentence "Dare to Underwrite, is True Safety" is what worth thinking.

Why "Underwrite" so important? Because in intelligent driving popularization today, most auto companies intelligent driving functions are "User Responsibility", system had accident, responsibility on driver. BYD's "Underwrite" means, in specific scenarios, if system failed to respond timely, manufacturer bear corresponding safety responsibility, users can in driving time no need to think whether turn on assist driving, instead get on car press "Intelligent Driving Paddle", user activity high, data model build accelerate, everyone dare use, BYD dare adjust data feedback to serve people, second virtuous cycle again establish.

Data won't lie: BYD this safety net launched after, function usage rate from 21% to over 90%.

Summary:

So BYD's "Ceiling" where? This if-no-if ceiling, BYD through tech R&D and strategy layout, already pushed up or "removed", this group data for BYD tell is like "the light boat has passed ten thousand mountains", and from Panda Speed see: BYD growth not eating NEV dividend, but NEV market eating BYD dividend.

If future every month BYD sales data all climbing, then BYD will from own dividend beneficiary, gradually become rule maker, behind BYD will face ceiling, only own production capacity and delivery capability, but from current situation see, BYD is running faster and faster.

May sales and export performance topped the charts again, so what's next?

Reviewing the monthly performance of current leading domestic automakers, new energy vehicles improving quality and increasing volume, high-speed expansion of overseas exports, and stable protection by mainstay models have become the "New Three Major Components" for industry sales interpretation. Unlike the single-point breakthrough trend of most domestic automakers, BYD achieved comprehensive strength in three dimensions this May, significantly increasing the gold content of overall sales, fully displaying the top strength of the global new energy leader.

Latest sales data shows, BYD's May total vehicle sales reached 383,453 units, a 20% month-on-month surge, with performance strongly recovering.

Overall, BYD passenger vehicle sales reached 376,990 units. Among them, pure electric vehicle sales were 198,674 units, firmly holding the basic market share; Plug-in hybrid DM model sales were 178,316 units, continuing to strengthen year-on-year. Relying on the advantages of oil and electric versatility, low consumption and worry-free operation, it precisely matches the core needs of home users, becoming the key support for stable sales.

Against the backdrop of industry competitors' mainstream new energy models frequently losing momentum and lacking growth, BYD relies on a layered layout of the five major brands: Dynasty, Ocean, Denza, Fang Cheng Bao, and Yangwang, covering the full price range market to achieve stable growth across all areas. However, it needs to be pointed out that the problem of slower iteration of BYD's mid-to-large flagship models and lack of growth in some sub-models has also become a small shortcoming of the brand.

Looking specifically at the May report card, BYD delivered three major core highs, achieving a key transformation from scale growth to structural quality improvement.

The first new high is high-speed growth in overseas exports.In May, BYD's overseas exports reached 160,177 units, an 80.7% year-on-year surge, breaking the record for Chinese new energy vehicle companies' single-month overseas exports. The export sales proportion broke through 42%, meaning that for every ten new cars sold by the brand, more than four are sold to overseas markets.

Since the beginning of this year, BYD's globalization pace has continued to accelerate. Production capacity at overseas factories in Thailand and Brazil is steadily ramping up. The Seagull officially entered the markets of multiple European countries. Yuan PLUS and Song PLUS have deepened cultivation in Southeast Asian and Latin American core markets. The SHARK pickup continues to sell well. Sedans, SUVs, and pickups of all categories have landed for overseas exports. The brand's cumulative overseas sales from January to May exceeded 620,000 units. The overseas market has completely shed its supplementary attribute, becoming a second growth curve comparable to the domestic market, confirming its thorough transformation from a Chinese brand to a global automotive enterprise.

The second new high is simultaneous increase in volume and price of the premium matrix.In May, BYD's premium brands went all out. Fang Cheng Bao single-month sales reached 30,186 units, surging 139.7% year-on-year, creating an annual peak. The Titanium 7 and Leopard 5 models worked together, successfully breaking through the gap in the 200,000-400,000 yuan domestic hard-core off-road market, breaking the monopoly pattern of joint venture models. Denza brand sold 16,303 units. The D9 and Z9 models worked in synergy, escaping reliance on single models, firmly staying in the core tracks of high-end MPVs and sedans. The Yangwang brand steadily ramped up, delivering 286 units per month, a 105.8% year-on-year surge, continuously stabilizing in the million-level luxury new energy track.

The collective rise of premium brands also marks that BYD has thoroughly broken through the price ceiling. The 300,000+ premium market has achieved normalized volume sales, and brand premium ability continues to be implemented.

The third new high is the solid and strong performance of the mainstream basic market.In May, sales of the two major mainstays, Dynasty and Ocean, reached 330,215 units, rising sharply nearly 20% month-on-month, becoming the ballast stone for brand sales. Among them, the Yuan Family and Song Family two-car single-month sales broke 50,000, continuing to lead the domestic compact car market; The Seagull, Dolphin, Seal, Sea Lion and other models sales broke 20,000, covering the 50,000-level commuting to the 250,000-level home market, dominating the sub-segment tracks. The two platforms have clear division of labor and complement each other. The Dynasty network deepens cultivation of fuel replacement users, the Ocean network focuses on young pure electric rigid demand groups, covering domestic mainstream consumer groups in all dimensions, and solidifying the brand's basic market.

It can be seen that under the guidance of the "All-Categories BYD" strategy, the five major brands achieve precise differentiated division of labor and synergistic effort. The Dynasty network stabilizes the home basic market, relying on mature DM-i hybrid technology to cultivate the lower-tier market deeply; The Ocean network carries the banner of pure electric volume increase, youth-oriented products meet domestic rigid demand and also become the main force for overseas exports; Denza takes root in the high-end home track, filling the gap in the high-end passenger market; Fang Cheng Bao opens a new track for domestic hard-core off-road; Yangwang is based on the top luxury market, solidifying the brand's technology and value ceiling, forming a product layout with full coverage and no shortfalls.

Looking back at the first half of this year, the three-wheel drive of technology iteration, product renewal, and global market expansion laid the groundwork for the surge in BYD sales in May again. On the technology end, the Super e Platform and Megawatt Flash Charging technology are fully implemented. Self-developed vehicle-grade intelligent driving chips are equipped on a large scale, and the popularity of high-level intelligent driving continues to improve, thoroughly solving user charging, range, and smart experience pain points. At the same time, on the product end, production capacity of multiple modified models is released, new high-end models are launched successively, and the sub-product matrix is perfected. On the globalization end, overseas production capacity, channels, and models landing have accelerated comprehensively, supporting monthly increases in export sales.

Auto-First View: The standout May sales performance is also a concentrated reflection of BYD's systematic layout in the first half of the year. Today's BYD has achieved the simultaneous rise of three growth curves: domestic stability, premium quality improvement, and overseas volume increase, getting rid of the industrial involution predicament. In the current hyper-competitive domestic new energy market, BYD continues to consolidate its leading position relying on the advantages of whole-indchain self-research, full-price product matrix, and global layout. From deep cultivation domestically to leading globally, BYD not only defined the development benchmark for Chinese new energy vehicle enterprises but also firmly grasped the core discourse power of smart electrification in the global automotive industry transformation.

June 1, BYD released May production and sales data. 383,453 vehicles, this is BYD's May report card. This number means BYD continues to firmly hold the top spot in China's automotive sales, and it also means that in the first 5 months of this year, BYD has cumulatively sold over 1.4 million vehicles. With this pace, hitting 4 million vehicles annually is not a dream.

Domestic market stabilized, overseas market surged

By brand, the Dynasty and Ocean series sold 330,215 vehicles, absolute mainstays. Fang Cheng Bao 30,186, Denza 16,303, each established a foothold. Regarding specific models, in May 8 BYD models sold over 20,000 units monthly, this lineup depth, globally speaking, you won't find a second car company.

Regarding star models, Seal 5 sold 42,615 in May, momentum is fierce. Seagull approached 40,000, still the king of the small pure electric market. Song PLUS sold about 28,000, Song Family and Yuan Family both monthly sales exceeded 50,000. Qin Family 28,360, Titanium 7 series 18,280, Denza Z9 series approaching 6,000. From Seagulls worth tens of thousands to Denzas worth hundreds of thousands, BYD's product line covers almost all price bands, and every sub-market has a blockbuster. This is not luck, but a reflection of systemic capability.

Clearly, BYD hasn't lost its domestic base. But the growth rate has indeed slowed. This is not surprising — domestic market penetration has already surpassed 50%, and the incremental space is getting narrower.

Then where does the growth come from?

The answer lies overseas.

Overseas share exceeds 40%, not accidental

In May, BYD exported 160,600 vehicles, up 80.7% year-on-year, setting a historic high. A more critical number is, export share of total sales broke 40% for the first time.

That is to say, for every 10 cars BYD sells, more than 4 are sold overseas. This proportion, a year ago, was less than 30%. The rapid rise in overseas sales share is the most valuable information in BYD's May sales data.

Why did overseas sales surge so sharply?

There are three reasons.

1. Strong product capability. Seagull, Yuan PLUS, Song PLUS these models in the overseas market, cost-performance smashes same-class competitors. Consumers in Southeast Asia, South America, Middle East, buy better cars with less money, who wouldn't be happy?
2. Channels expanded. BYD's speed in building factories overseas is termed aggressive, Thailand factory already in production, Indonesia factory 2026 production, Hungary and Turkey factories in progress, Brazil factory also under construction. Localized production means lower tariffs and faster delivery.
3. Logistics handled independently. BYD assembled its own shipping fleet, currently 7 large Ro-Ro ships in service. While others wait for ships, BYD dispatches its own ships, delivery efficiency is completely on a different level.

Another easily overlooked factor: Brand awareness. Two years ago, overseas consumers were still very unfamiliar with BYD. But nowadays, from Thailand to Brazil, from Australia to Europe, BYD stores and ads are visible everywhere. Sales are the best advertising, 160,000 monthly overseas sales volume is itself the strongest brand endorsement.

Compared to Chery and Geely, what level is BYD's overseas push?

Talking about overseas sales, can't just look at BYD alone. In May, Chery exported 181,871 vehicles, up 80.5% YoY, breaking China's single-month export record for three consecutive months. Chery's total sales that month were 247,823 vehicles, export share up to 73.4%. For every 4 cars sold, 3 go overseas, Chery is the undisputed export king.

Additionally, Geely's May overseas sales 85,144 vehicles, up 184%, doubling growth, momentum also fierce. SAIC May export and overseas base sales 129,541 vehicles, up 32.46%, volume still huge.

From absolute numbers, Chery May export 182,000 vehicles, 20,000 more than BYD, still the leader of China's auto export. Chery has farmed overseas for many years, channel network mature, especially in Russia, Middle East, South America markets, roots deep.

SAIC's overseas layout is earlier, has formed 1 300,000 vehicle level (Europe) and 5 50,000 vehicle level regional markets, covering 170+ countries and regions. Discussing the breadth of overseas territory, SAIC is temporarily leading.

However, BYD's biggest advantage is growth rate. May overseas YoY up 80.7%, this growth rate is above SAIC and Chery, second only to Geely's 184%. But Geely's overseas base is small, doubling growth is relatively easy.

More crucially, BYD's overseas sales product structure is better. Chery and SAIC's export main forces, many are fuel cars. While BYD's exports are almost all new energy vehicles, unit price higher, brand premium stronger, future impact from tariff barriers and policy changes is smaller.

Another hidden advantage: Industrial chain. BYD from battery to motor to electronic control, core parts all self-research and self-production. When building factories overseas, BYD can take the whole supply chain with it. Other car companies assemble overseas, parts still need import from domestic, cost and efficiency both discounted. BYD's vertical integration model, in overseas expansion instead became a moat.

So summarizing: on export total volume, Chery is leader; on new energy export, BYD is leader; on export growth speed, Geely surges hardest. Three companies each have their own cards, but BYD's card table is most complete.

Watching BYD's overseas push is actually watching China's automotive overseas push

Let's widen the perspective a bit.

160,000 vehicle overseas export number, not just a single enterprise matter. It illustrates one thing: China's auto overseas push, finally starting to move from 'selling products' to 'building systems'.

Ten years ago, China's auto export was still stuck in the low price volume stage. Sold overseas, mostly cheap fuel cars worth tens of thousands, sticking other's labels, earning some hard money. Back then, Chinese car companies overseas had no brand, no channel, no voice. But today, the situation is completely different. BYD, Chery, Geely, SAIC, China top car companies' overseas monthly sales total exceeded 500,000 vehicles. This is not dumping low prices, but a market won by product capability.

BYD's role in this is very special. It is the global champion of new energy track, consecutive 60 months domestic new energy sales champion, cumulatively sold 16.5 million new energy vehicles. More importantly, it proves one thing: Chinese brands in new energy era, can be sold worldwide, and can sell at brand premium.

Of course, challenges also truly exist. EU tariffs, US blockades, different market regulation differences, brand building long time etc., these are hard battles. Overseas market is never a banquet, every 10,000 vehicle growth involves real money and hard-fought battles.

But this May report card at least illustrates one thing: direction is correct, gas pedal is pressed down.

BYD May 380,000 vehicle sales, domestic market is base, overseas market is growth pole. 160,000 vehicle overseas sales, is BYD's milestone, also drives China auto overseas to a new starting point. This road is still long, but direction is already very clear.