On August 25, the 2026 Silk Road 10,000-Li Journey · Enlightenment Road officially concluded in Singapore, bringing an end to this cross-border journey that lasted 33 days.

Silk Road Expedition accompanied by Green Energy! The entire fleet traveled over 10,000 kilometers, departing from Xi'an, passing through six provinces in China, traversing Thailand and Malaysia, and finally arriving in Singapore. 2026 marks the 5th anniversary of the establishment of a comprehensive strategic partnership between China and ASEAN. The event was themed "Tech Towards New · Civilization Towards Heart", combining cultural exchange, technological interaction, and economic and trade exchanges to witness the new vitality of the Land and Maritime Silk Road.

This entire trip was supported by BYD, with multiple models from the Dynasty, Ocean, Denza, Fang Cheng Bao, and YangWang series composing the fleet. They covered highways, mountain roads, and congested urban traffic conditions. Fast Charging and Divine Eye assisted driving, two core technologies, underwent a true 10,000-kilometer field test. The energy replenishment capability of a 5-minute fast charge and 9-minute full charge, combined with a massive fast-charging station network, solves the pain points of energy replenishment for long-distance travel; Divine Eye relies on massive real-world driving data for continuous optimization, greatly reducing the burden of long-distance driving. In ancient times, the Silk Road relied on camel caravans and relay stations for supplies; now, new energy technology completes the cross-border expedition.

In the Singapore market, BYD's performance is equally impressive, having ranked first in total passenger car sales across all brands locally for 19 consecutive months. Local vehicle acquisition costs are high, and consumers are very cautious when choosing cars; even though model pricing is not particularly affordable, sales remain hot. With 16 offline retail touchpoints, many stores have entered core business districts, and dealers are continuously increasing investment and layout.

Looking at the overseas market, BYD's growth momentum is rapid. From January to July this year, overseas sales exceeded 970,000 vehicles. Business covers more than 120 countries and regions worldwide, securing top new energy vehicle sales in many countries such as Thailand, Singapore, Brazil, and the Middle East.

By combining Silk Road culture with cross-border new energy travel, BYD is also using Chinese new energy power to assist the green transportation development of the "Belt and Road Initiative" and participate in the global automotive industry's green transition.

25 Ogos, Perjalanan Ribuan Mil Laluan Sutera 2026・Jalan Pencerahan secara rasmi berakhir di Singapura, perjalanan antarabangsa selama 33 hari ini ditamatkan.

Laluan Sutera jauh ditemani tenaga hijau! Seluruh pasukan kenderaan telah menempuh lebih 10,000 kilometer, bermula dari Xi'an, melintasi enam wilayah di dalam negara, merentas Thailand, Malaysia, akhirnya tiba di Singapura. Tahun 2026 tepat ialah ulang tahun ke-5 penubuhan hubungan kemitraan strategik menyeluruh China-ASEAN, aktiviti ini bertema "Teknologi Menuju Baharu・Peradaban Bersatu", menggabungkan pertukaran budaya, interaksi teknologi dan hubungan perdagangan, menyaksikan semangat baru Laluan Sutera Darat dan Laut.

Perjalanan penuh kali ini disokong oleh BYD, pelbagai model seperti Dynasty, Ocean, Denza, Fang Cheng Bao, Yang Wang membentuk pasukan kenderaan, semua keadaan jalan seperti lebuh raya, jalan bukit, sesak bandar telah dicuba. Teknologi utama iaitu cas pantas dan bantuan memandu Tian Shen Yi menerima ujian nyata selama 10,000 kilometer. Kekuatan cas 5 minit cas pantas, 9 minit cas penuh dipadankan dengan rangkaian stesen cas pantas yang luas, menyelesaikan masalah utama cas untuk perjalanan jauh; Tian Shen Yi dioptimumkan secara berterusan bergantung pada data memandu sebenar yang banyak, mengurangkan beban memandu perjalanan jauh. Zaman dahulu Laluan Sutera bergantung pada kafilah unta dan stesen bekalan, kini diganti dengan teknologi tenaga baharu untuk menyelesaikan ekspedisi antarabangsa.

Di pasaran Singapura, keupayaan BYD juga cemerlang, telah merangkul jualan pertama semua jenama kenderaan penumpang tempatan selama 19 bulan berturut-turut. Kos pembelian kereta di sini tinggi, pelanggan memilih kereta sangat berhati-hati, walaupun harga model tidak murah, tetap terjual laris, 16 titik runcit di luar talian, banyak kedai dibuka di pusat perniagaan utama, pengedar juga terus meningkatkan pelan.

Melihat ke pasaran luar negara, pertumbuhan BYD sangat pesat, jualan luar negara Januari-Juli tahun ini mencapai lebih 970,000 unit, perniagaan meliputi lebih 120 negara dan wilayah di seluruh dunia, di Thailand, Singapura, Brazil, Timur Tengah banyak negara merangkul juara jualan tenaga baharu.

Menggabungkan budaya Laluan Sutera dan perjalanan tenaga baharu antarabangsa, BYD juga menggunakan kekuatan tenaga baharu China, membantu pembangunan pengangkutan hijau "Sabuk dan Jalan", mengambil bahagian dalam transformasi hijau industri kenderaan global.

September 1st BYD officially released the August 2026 production and sales report, and the release of this performance report immediately sparked widespread industry attention. Data shows that in August, the overall sales of BYD Group reached 440,293 vehicles, of which passenger car sales were 433,384 units, a year-on-year increase of 16.7%, and a month-on-month increase of 5.4%, refreshing the brand's August sales record for all years. The most eye-catching performance is undoubtedly the overseas market. In August, overseas sales of passenger cars plus pickups reached 188,746 units, soaring 134.6% year-on-year, setting a new historical high for monthly exports. The proportion of overseas sales in total sales has already approached 40%. Going global has evolved from BYD's supplementary business into one of the core engines driving growth. As of now, BYD's cumulative global sales of new energy vehicles have broken through 17.8 million units, continuing to firmly hold the position of the global new energy vehicle sales champion.

Breaking down by brand, the Dynasty Network plus Ocean Network remain the absolute core base of sales. In August, they sold a total of 375,373 units, accounting for more than 80% of total sales. These two networks cover the mainstream home market from 100,000 to 300,000 level, with sedan, SUV, MPV categories complete. Qin PLUS, Song PLUS, Yuan PLUS, Seal these classic models long time occupy the sales forefront in their respective sub-markets. Recently revised models have been launched successively, product strength further upgraded, plus adjustments to terminal price policies, continue to solidify the basic base of the mass market. For ordinary family consumers, Dynasty and Ocean series models, relying on mature DM hybrid technology, e-Platform 3.0 pure electric architecture, and user-friendly pricing, remain one of the first choices for home new energy vehicles.

Fang Cheng Bao brand August sales 41,568 units, continue to maintain a stable growth trend. Since the launch of Bao 5 opened the market, Fang Cheng Bao's product matrix has been expanding rapidly. Bao 3, Bao 8 launched successively, covering the tough off-road and SUV market from 100,000s to 300,000 level. Different from traditional tough off-road vehicles, Fang Cheng Bao focuses on DMO super hybrid off-road platform, having both off-road capability and the economy and comfort of city commuting, precisely hit the user needs of many who long for outdoor life but do not want to sacrifice daily commuting experience. Now Fang Cheng Bao has become the absolute main force in the domestic tough off-road new energy market. Subsequently with the launch of Ti 9 and other higher-end models, the brand's ceiling will continue to improve further.

Denza brand August sales 16,001 units, maintaining the first tier of the high-end new energy market. Denza D9 long time occupies the top of high-end MPV sales, N7, N8 are continuously exerting force in the SUV market, forming an MPV plus SUV product combination. Denza's positioning is very precise, focusing on the 300,000 to 500,000 high-end home and business market, having both BYD's technical endorsement, and services and luxury higher than ordinary BYD brand, precisely accepting the user needs of consumption upgrade. Many people upgrade from ordinary domestic brands, or come from joint venture luxury brands, Denza is always a very important alternative option.

Yangwang brand August sales 442 units, as a million-level high-end brand, this sales performance is already quite stable. Yangwang U8, U9, U7 three models respectively cover tough off-road, hypercar, luxury sedan market, showed the limit of BYD's technology to the whole world. e4, DiSus, Blade Battery these top technologies, all first verified landing on Yangwang brand, then gradually deployed to lower-priced models, forming technical feedback. Yangwang's significance is not only about how many cars sold, but also lies in that it broke the price ceiling of domestic brands, proving Chinese brands can also make million-level high-end cars.

In the whole sales data, the most worth deep interpretation is the explosive growth of the overseas market. August 188,700 export volume, year-on-year growth 134.6%, January to August cumulative exports have reached 1.158 million units, only used eight months to surpass the total export volume of all of 2025. This growth rate placed in the overall Chinese auto company going global big picture, is also a leading level. Different from many auto companies' pure whole vehicle export model, BYD follows the route of technology plus capacity full ecosystem going global, building local factories in Thailand, Brazil, Hungary and other countries, gradually shifting from whole vehicle export to local production local sales, not only can avoid tariff barriers, but also can better adapt to local market needs.

At the same time BYD is also outputting domestic technical standards overseas, Blade Battery, e-Platform 3.0, DM hybrid technology, and the latest Megawatt-level fast charging, all being gradually equipped on overseas version models. In main markets such as Europe, Southeast Asia, Latin America, Middle East, BYD's market share is steadily rising, from previous mainly economic small cars, gradually shifting to mid-to-high-end models. The high growth of overseas market also well counteracted the competition pressure of domestic market. When domestic price wars intensify, overseas market has become BYD's important incremental source and profit buffer.

From the power structure perspective, August pure electric vehicle sales 256,230 units, year-on-year increase 28.38%, month-on-month increase 9.92%; Plug-in hybrid vehicle sales 177,154 units, year-on-year increase 3.05%. Clearly can see, pure electric vehicle growth speed is accelerating, on one hand because overseas market pure electric vehicle demand is booming, on the other hand domestic market pure electric vehicle product matrix is also constantly improving. Seagull, Dolphin, Yuan PLUS these entry-level pure electric vehicle sales stable, Seal, Han EV these mid-to-high-end pure electric also continuously exerting force. Plug-in hybrid models although growth speed slowed, but still remains BYD's basic base. DM technology fuel consumption low, no range anxiety advantages, for many users who find charging inconvenient, still an irreplaceable choice.

Looking at January to August cumulative, BYD Group cumulative sales 2,668,015 units. Although cumulative year-on-year slightly declined, but this is mainly because 2025 same period base is too high. Placed in whole industry view, BYD still firmly ranks first in domestic new energy vehicle sales, and leading advantage is very obvious. More importantly sales structure is changing, overseas proportion continuously rising, high-end brand proportion getting higher and higher, average price per vehicle also steadily rising. Not relying on low price to exchange sales, but transforming towards high quality development.

Looking forward to the second half of the year, BYD's product rhythm remains dense. Dynasty Network 3rd Gen Tang, Han revised models, Ocean Network Sea Lion 07, Sea Lion 08, Fang Cheng Bao Ti 9, and Denza, Yangwang new models will be launched successively. Domestic market product strength will be further enhanced. Overseas market aspect, as more local factories put into production, and more regional market development, export sales probability will still maintain high growth. Current BYD is no longer pure Chinese auto company, but is growing into a global auto group. Domestic and foreign two markets dual wheel drive, risk resistance ability will become stronger and stronger.

Of course also need to see, global new energy market competition is also becoming more and more intense. Traditional auto companies accelerate electrification transformation, New EV brands also continuously catching up, BYD also cannot take lightly. Technology research, product iteration, channel construction, brand construction, every link cannot loosen. But at least from current sales data view, BYD's strategic rhythm is steady. Multi-brand matrix, full technology route, globalization layout, these long-term layouts are gradually realizing results. Next September and October peak sales season, BYD sales probability will rise to another level. Whole year performance is worth looking forward to.

1 September BYD secara rasmi mengisytiharkan laporan pengeluaran dan jualan Ogos 2026, dokumen prestasi ini serta-merta menarik perhatian meluas industri. Data menunjukkan, jualan keseluruhan kumpulan BYD pada bulan Ogos mencecah 440,293 unit, di mana jualan kenderaan penumpang sebanyak 433,384 unit, meningkat 16.7% tahun ke tahun, meningkat 5.4% bulan ke bulan, mencatatkan rekod jualan Ogos sepanjang sejarah jenama. Yang paling menonjol pastinya prestasi pasaran luar negara, jualan luar negara bagi kenderaan penumpang dan pikap mencecah 188,746 unit pada Ogos, melonjak naik 134.6% tahun ke tahun, mencipta rekod baharu tinggi dalam sejarah eksport bulanan, peratusan jualan luar negara dalam jumlah jualan keseluruhan sudah hampir empat puluh peratus, ekspansi ke pasaran luar negara sudah berkembang daripada perniagaan pelengkap kepada salah satu enjin utama yang menarik pertumbuhan. Sehingga kini, jumlah kumulatif jualan kenderaan tenaga baharu BYD di seluruh dunia sudah melepasi 17.8 juta unit, terus memegang kedudukan juara jualan kenderaan tenaga baharu global.

Dilihat dari pemecahan jenama, Jaringan Dinasti ditambah Jaringan Laut masih menjadi asas jualan mutlak, pada Ogos jumlah jualan mencecah 375,373 unit, menguasai lebih daripada lapan puluh peratus jumlah keseluruhan. Kedua-dua rangkaian ini merangkumi dari pasaran domestik utama dari 100,000 hingga 300,000, jenis kereta sedan, SUV, MPV lengkap, Qin PLUS, Song PLUS, Yuan PLUS, Harimau Laut, model-model klasik ini secara konsisten mendahului jualan dalam pasaran bahagian masing-masing. Model-model yang diubah suai baru-baru ini telah dilancarkan secara berperingkat, keupayaan produk semakin ditingkatkan, ditambah lagi dengan penyesuaian dasar harga terminal, terus memperkukuh asas pasaran massa. Bagi pengguna keluarga biasa, model-model siri Dinasti dan Laut, dengan kekuatan teknologi hibrid DM yang matang, arkitektur elektrik platform e 3.0, dan penetapan harga yang mesra, masih menjadi pilihan utama bagi model kenderaan tenaga baharu rumah tangga.

Jenama Fang Cheng Bao jualan Ogos 41,568 unit, terus mengekalkan sikap pertumbuhan yang stabil. Sejak pelancaran Bao 5 membuka pasaran, matriks produk Fang Cheng Bao sentiasa berkembang pesat, Bao 3, Bao 8 secara berperingkat dilancarkan, merangkumi dari pasaran off-road tahan lasak hingga SUV peringkat 100,000 hingga 300,000. Tidak seperti kereta off-road tahan lasak tradisional, Fang Cheng Bao mendominasi platform off-road hibrid super DMO, mempunyai keupayaan off-road, mempunyai kecekapan ekonomi dan keselesaan komuter bandar, tepat mengenai banyak keinginan pengguna yang mendambakan kehidupan luar bandar, tetapi tidak ingin mengorbankan pengalaman pengangkutan harian. Sekarang Fang Cheng Bao telah menjadi pemain utama mutlak dalam pasaran off-road tenaga baharu tahan lasak dalam negara, seterusnya dengan pelancaran model yang lebih tinggi seperti Ti 9, had atas jenama akan meningkat lagi.

Jenama Denza jualan Ogos 16,001 unit, kekal dalam tahap pertama pasaran tenaga baharu premium. Denza D9 secara konsisten mendahului jualan MPV premium, N7, N8 terus berusaha kuat dalam pasaran SUV, membentuk kombinasi produk MPV ditambah SUV. Penentuan Denza sangat tepat, mendominasi pasaran rumah tangga dan perniagaan premium peringkat 300,000 hingga 500,000, mempunyai sokongan teknologi BYD, mempunyai perkhidmatan dan kemewahan yang lebih tinggi daripada jenama BYD biasa, tepat menampung keperluan pengguna peningkatan pengkonsepsian. Ramai orang dari jenama domestik biasa naik taraf, atau beralih dari jenama mewah gabungan, Denza adalah pilihan cadangan yang sangat penting.

Jenama Yangwang jualan Ogos 442 unit, sebagai jenama premium peringkat sejuta, prestasi jualan ini sudah cukup stabil. Tiga model U8, U9, U7 masing-masing merangkumi pasaran off-road tahan lasak, kereta lumba, pasaran kereta mewah, memaparkan had teknologi BYD kepada seluruh dunia. Yi Si Fang, Yun Nian, Bateri Bilah teknologi kelas atas ini, semua disahkan terlebih dahulu pada jenama Yangwang, kemudian secara beransur-ansur diturunkan ke model harga lebih rendah, membentuk pemulihan teknologi. Makna Yangwang bukan sahaja menjual berapa banyak kereta, lebih penting ia telah memecahkan atap harga jenama domestik, membuktikan bahawa jenama China juga boleh membuat kereta premium peringkat sejuta.

Dalam keseluruhan data jualan, yang paling bernilai untuk ditafsir secara mendalam adalah pertumbuhan letupan pasaran luar negara. Eksport Ogos 188,700 unit, meningkat 134.6% tahun ke tahun, 1 sehingga 8 bulan jumlah eksport kumulatif sudah mencecah 1.158 juta unit, hanya menggunakan lapan bulan sudah melebihi jumlah eksport keseluruhan tahun 2025. Peningkatan ini diletakkan dalam skala besar keluaran laut syarikat automobil China, juga memimpin kelas. Tidak seperti banyak syarikat automobil yang semata-mata mengeksport model lengkap, BYD mengambil laluan ekosistem penuh teknologi ditambah kapasiti pengeluaran, di negara seperti Thailand, Brazil, Hungary membina kilang tempatan, dari eksport model lengkap secara beransur-ansur beralih kepada pengeluaran tempatan jualan tempatan, bukan sahaja dapat mengelakkan halangan tarif, juga boleh lebih baik menyesuaikan keperluan pasaran tempatan.

Sementara itu BYD juga membawa keluar standard teknologi negara ke luar negara, Bateri Bilah, platform e 3.0, teknologi hibrid DM, ditambah lagi pengisian pantas tahap megawatt terkini, semua secara beransur-ansur diletakkan pada model versi luar negara. Di Eropah, Asia Tenggara, Amerika Latin, Timur Tengah pasaran utama, pasaran BYD terus meningkat secara stabil, dari sebelumnya model kecil ekonomi jenis utama, secara beransur-ansur beralih ke model sederhana dan tinggi. Pertumbuhan pantas pasaran luar negara, juga dengan baik menentang tekanan persaingan pasaran domestik, apabila perang harga domestik semakin parah, pasaran luar negara menjadi sumber penambahan penting BYD dan penyangga keuntungan.

Dari struktur tenaga dilihat, jualan model elektrik tulen Ogos 256,230 unit, meningkat 28.38%, meningkat 9.92% bulan ke bulan; jualan model hibrid plug-in 177,154 unit, meningkat 3.05%. Boleh dilihat dengan jelas, peningkatan model elektrik tulen sedang semakin cepat, dari satu pihak kerana permintaan luar negara model elektrik tulen sangat kuat, dari satu pihak pasaran model elektrik tulen domestik matriks produk juga semakin sempurna, Seagull, Dolphin, Yuan PLUS model elektrik tulen permulaan ini jualan stabil, Sea Leopard, Han EV model elektrik tulen sederhana dan tinggi ini juga terus berusaha. Model hibrid plug-in walaupun peningkatan melambat, tetapi masih asas BYD, kelebihan kecekapan minyak rendah DM tanpa kebimbangan jarak, bagi banyak pengguna yang sukar untuk mengisi cas, masih pilihan yang tidak boleh digantikan.

Dari 1 hingga 8 bulan dilihat, jumlah jualan kumulatif kumpulan BYD 2,668,015 unit, walaupun peningkatan kumulatif tahun berbanding tahun sedikit menurun, ini disebabkan terutamanya kerana asas tempoh yang sama tahun 2025 terlalu tinggi. Diletakkan dalam keseluruhan industri, BYD masih kekal stabil pertama jualan kenderaan tenaga baharu domestik, dan kelebihan kepimpinan sangat jelas. Yang lebih penting struktur jualan sedang berubah, peratusan luar negara terus meningkat, peratusan jenama premium semakin tinggi, harga purata kenderaan juga secara stabil naik, bukan dengan harga rendah menukar jualan, tetapi sedang menuju transformasi ke pembangunan berkualiti tinggi.

Melihat ke bawah separuh tahun, ritma produk BYD masih padat, Dinasti Jaringan Ketiga Tang, Han pengubah suai, Jaringan Laut Hai Shi 07, Hai Shi 08, Fang Cheng Bao Ti 9, ditambah lagi Denza, Yangwang model baharu akan secara berperingkat dilancarkan, keupayaan produk pasaran domestik akan semakin diperkukuh. Di pasaran luar negara, dengan lebih banyak kilang tempatan bertaraf, ditambah lagi dengan pembangunan lebih banyak pasaran wilayah, jumlah eksport jualan secara besar kemungkinan akan mengekalkan pertumbuhan pantas. Sekarang BYD bukan lagi syarikat automobil China semata-mata, tetapi sedang berkembang menjadi kumpulan automobil global, pasaran domestik luar negara dua roda penggerak, keupayaan menentang risiko akan semakin kuat.

Tentu juga perlu melihat, persaingan pasaran tenaga baharu global juga semakin sengit, syarikat automobil tradisional mempercepat transformasi elektrik, pemain baharu juga tidak henti mengejar, BYD juga tidak boleh lengah. R&D teknologi, pengulangan produk, pembinaan saluran, pembinaan jenama, setiap ring tidak boleh longgar. Sekurang-kurangnya dari data jualan semasa, ritma strategi BYD adalah mantap, matriks banyak jenama, laluan teknologi penuh, pelanletan global, laluan penempatan jangka panjang ini secara beransur-ansur mewujudkan hasil. Seterusnya musim jualan puncak September dan Oktober, jualan BYD secara besar kemungkinan akan naik ke satu lagi tangga, prestasi keseluruhan tahun menanti untuk dihargai.

August 25, the highly anticipated "2026 Silk Road 10,000-Mile Journey · Enlightenment Road" event concluded successfully in Singapore, with BYD providing backing for the entire travel cooperation. Green energy accompanies the Silk Road journey, this 33-day Silk Road trip was full of highlights, the convoy started from Xi'an, spanning six provinces within the country, crossing Thailand and Malaysia along the way, traveled over 10,000 kilometers, eventually arrived in Singapore, successfully completing the cross-border journey.

This year marks the fifth anniversary of the establishment of comprehensive strategic partnership between China and ASEAN. This event was themed "Technology Innovates · Civilization Converges", connecting land and maritime Silk Roads, integrating cultural exchange, tech dialogue and economic trade connectivity, vividly showcasing the new development vitality of the "Belt and Road".

This journey was also a 10,000-mile real-world test of BYD's hard-core technology. BYD gathered five brand models to form a new energy vehicle fleet, adapting to various complex road conditions such as highways, mountain roads, and urban congestion. Its flash charging capability of "5 minutes for good charge, 9 minutes for full charge", relying on the network layout of nearly 10,000 flash charging stations across the country, solved the long-distance energy replenishment challenge, intelligent driving also significantly reduced driving pressure.

BYD's deep cultivation in the Singapore market achieved remarkable results, consecutively securing the first place in local passenger car sales for 19 months. In 2026, BYD's overseas business grew even faster, best-selling in over 100 countries worldwide, topping the new energy sales list in multiple countries.

This Silk Road journey not only demonstrated the solid strength of Chinese new energy vehicles, but also allowed the world to see the strong power of Chinese brands helping the "Belt and Road" green development.

25 Ogos, aktiviti yang banyak diperkatakan "Perjalanan Jalan Sutra 2026·Jalan Bimbingan" telah berakhir dengan sempurna di Singapura, kerjasama perjalanan di seluruh laluan dijamin oleh BYD. Perjalanan jauh Jalan Sutra disertai tenaga hijau, perjalanan Jalan Sutra yang memakan masa 33 hari ini penuh dengan perkara menarik, pasukan bergerak dari Xi'an, merentasi enam wilayah di dalam negara, satu perjalanan merentasi Thailand, Malaysia, bergerak melebihi 10,000 km, akhirnya tiba di Singapura, berjaya menyelesaikan perjalanan lintas negara dengan sempurna.

Tahun ini adalah ulang tahun ke-5 China-ASEAN mendirikah hubungan strategik menyeluruh, kegiatan ini bertema "Teknologi Menuju Baharu·Peradaban Menuju Perhatian", menghubungkan Jalan Sutra Darat dan Laut, menggabungkan pertukaran budaya, dialog teknologi dan perhubungan ekonomi dan perdagangan, menunjukkan dengan jelas dinamika baharu Inisiatif Sabuk dan Laluan.

Perjalanan jauh ini juga merupakan ujian sebenar sejauh 10,000 mil terhadap teknologi teras BYD. BYD mengumpulkan lima model jenama utama untuk membentuk armada kenderaan tenaga baharu, disesuaikan dengan pelbagai keadaan jalan seperti lebuh raya, jalan gunung, kesesakan bandar, dll. Keupayaan cas pantas "5 minit cas siap, 9 minit cas penuh", berdasarkan rangkaian hampir 10,000 stesen cas pantas di seluruh negara, menyelesaikan masalah pengisian tenaga perjalanan jauh, pemanduan pintar juga mengurangkan tekanan pemanduan secara ketara.

BYD yang berganding dalam pasaran Singapura menunjukkan pencapaian sangat cemerlang, telah menduduki tempat teratas jualan kenderaan peribadi tempatan selama 19 bulan berturut-turut. Perniagaan luar negara BYD pada tahun 2026更是 berkembang pesat, laris di lebih 100 negara di seluruh dunia, menduduki tangga teratas carta jualan kenderaan tenaga baharu di banyak negara.

Perjalanan Jalan Sutra ini, bukan sahaja menunjukkan kekuatan kukuh kenderaan baharu elektrik China, tetapi juga membiarkan dunia melihat kekuatan kuat jenama China membantu pembangunan hijau "Sabuk dan Laluan".

August 25, the 2026 Silk Road 10,000 Li · Inspired Road Event concluded smoothly in Singapore, with all travel services throughout the journey exclusively provided by BYD. Green energy accompanied the Silk Road journey, and this 33-day international trip concluded successfully. The convoy departed from Xi'an, crossed six provinces domestically, passed through Thailand and Malaysia, and finally arrived in Singapore, driving over 10,000 kilometers in total, perfectly completing the land-sea Silk Road route of the new era.

This event closely followed the theme "Technology Towards New · Civilization Towards Core". Coinciding with the 5th anniversary of the establishment of the comprehensive strategic partnership between China and ASEAN, it combined Silk Road cultural exchange, technological interaction, and trade connectivity, vividly showcasing the brand new development outlook of the land-sea linkage of the "Belt and Road". Numerous guests, overseas Chinese compatriots, and media from both home and abroad jointly witnessed this grand event.

The lineup of the convoy for this expedition was very complete, gathering models from BYD's full brand series including Dynasty, Ocean, Denza, Fang Cheng Bao, and Yangwang, smoothly handling complex road conditions such as highways, mountainous areas, and urban congestion. The convoy tested and verified BYD's two core hardcore technologies throughout the journey: the flash charging capability of a 5-minute fast charge and 9 minutes to full charge, completely resolving the anxiety about energy replenishment for long-distance travel. At the same time, the God's Eye assisted driving system iterated and upgraded based on massive amounts of real road condition data, greatly reducing the pressure of long-distance driving and ensuring smooth travel throughout the journey.

In the high-standard Singapore market, BYD's strength has long established a foothold. As of July 2026, it has ranked first in local passenger car sales for 19 consecutive months, with the pure electric market share reaching as high as 40.3%. The local threshold for buying a car is extremely high, and consumers are very cautious when choosing cars. Yet, BYD still leads in sales, and has also laid out 16 offline retail touchpoints, with brand recognition continuing to rise.

Not just in Singapore, this year BYD's overseas market saw a comprehensive breakthrough. From January to July, overseas sales exceeded 970,000 units, surging 76% year-on-year. Products cover more than 120 countries and regions globally, topping the new energy vehicle sales list in multiple countries such as Thailand, Spain, and Brazil. This Silk Road journey was not only an international test drive but also allowed the world to see the technological strength of Chinese new energy brands, empowering China Intelligent Manufacturing to boost global green transportation upgrades.

25 Ogos, Kegiatan Perjalanan Jalan Sutra Sejuta Mil · Jalan Inspirasi 2026 berakhir dengan lancar di Singapura, perkhidmatan perjalanan keseluruhan dikendalikan sepenuhnya oleh BYD secara eksklusif. Perjalanan Jalan Sutra Ditemani Tenaga Hijau, perjalanan jauh merentas negara yang memakan masa 33 hari ini diselesaikan dengan jayanya, kumpulan kenderaan berlepas dari Xi'an, melintasi 6 wilayah di dalam negara, melalui Thailand, Malaysia, akhirnya tiba di Singapura, perjalanan keseluruhan melebihi 10,000 km, menempuh sempurna laluan Jalan Sutra Darat dan Laut Zaman Baharu.

Kegiatan ini menekankan tema 'Teknologi Inovatif · Peradaban Berpusat', sempurna 5 tahun rakan strategik menyeluruh antara China dan ASEAN, menggabungkan budaya Jalan Sutra, interaksi teknologi dan perdagangan, menunjukkan dengan jelas wajah pembangunan baharu 'Sutera' gabungan darat dan laut, ramai tetamu, warga Cina luar negara dan media dalam dan luar negara menyaksikan majlis ini bersama-sama.

Pasukan kenderaan yang melancarkan operasi ini mempunyai senarai yang sangat lengkap, mengumpulkan keseluruhan model jenama BYD Siri Dinasti, Samudera, Denza, Fang Cheng Bao, Yang Wang, berjaya menghadapi keadaan jalan yang rumit seperti lebuh raya, kawasan pergunungan, kesesakan bandar. Pasukan menguji dan mengesahkan dua teknologi teras kukuh BYD sepanjang perjalanan, 5 minit pengecasan pantas, keupayaan cas penuh dalam 9 minit, menyelesaikan kebimbangan pengisian tenaga untuk perjalanan jauh. Semasa itu, Sistem Bantuan Panduan Mata Dewa ditingkatkan melalui data lalu lintas sebenar yang besar, mengurangkan tekanan memandu perjalanan jauh, memastikan perjalanan yang lancar sepanjang masa.

Di pasaran Singapura berstandard tinggi, kekuatan BYD telah berdiri teguh, setakat Julai 2026, telah menduduki tempat pertama jualan kenderaan penumpang tempatan selama 19 bulan berturut-turut, bahagian pasaran kenderaan elektrik murni mencecah 40.3%. Ambang pembelian kenderaan di sana sangat tinggi, pengguna memilih kenderaan dengan sangat berhati-hati, BYD kekal sebagai pemimpin jualan, juga telah merancang 16 titik runcit fizikal, pengiktirafan jenama terus meningkat.

Tidak hanya Singapura, tahun ini pasaran luar negara BYD meletup sepenuhnya, Januari-Julai jualan luar negara melebihi 970,000 unit, naik 76% secara tahun ke tahun, produk merangkumi lebih 120 negara dan wilayah, di Thailand, Sepanyol, Brazil dan negara lain menduduki puncak jadual jualan kenderaan baharu. Perjalanan Jalan Sutra ini bukan sahaja ujian memandu merentas negara, tetapi juga memaparkan kepada dunia kekuatan teknologi jenama kenderaan baharu China, membantu kecerdasan pembuatan China memajukan pengangkutan hijau global.

Recently, BYD's first half 2026 financial report was released.

In the first half, BYD achieved operating revenue of 344.815 billion yuan, net profit attributable to parent company of 12.325 billion yuan, scale continued to firmly rank at the forefront of the domestic automotive industry; R&D investment was 28.9 billion yuan, cash reserves 167.4 billion yuan, one side is actual cash technology investment, one side is a solid cash foundation.

On the sales front, in the first half, total vehicle sales exceeded 1.8 million units, continuing to firmly hold the top spot in global new energy vehicle sales. Putting these numbers together, the silhouette of a leader with a massive scale, stable cash flow, and continuing high-intensity investment is basically established.

Everyone has seen this market trend this year. The price war has been raging since the beginning of the year until now. Revenue and profits of mainstream domestic and foreign automakers have been affected to varying degrees. At this time, reviewing the leader's financial report actually best reveals who is holding on hard and who is building momentum.

Why does the current period profit not look impressive?

Many people ask this question; it is actually due to two factors:

First is exchange rates,during the same period last year, the RMB contributed over 3.1 billion yuan in exchange gains to BYD. This year, it recorded losses of several billion in reverse. One in, one out, totaling nearly 8 billion, all reflected in financial expenses. This part has nothing to do with the profitability of the main business;

Second is R&D,the 28.9 billion investment in the first half was 16.5 billion higher than the net profit in the same period, of which the expensed portion directly reduced the current period profit.

One is external disturbance, one is active spending, neither represents a problem with the main business. Whether the main business is actually good or not, Q2 data is the most honest. Single quarter net profit increased 30% year-on-year, gross margin 18.9%, reaching a new high in nearly a year. The signal of profitability recovery is quite clear.

Looking at the sales structure again, in recent years BYD has firmly pursued the premiumization strategy.

These three high-end brands Fang Cheng Bao, DENZA, and YANGWANG sold a combined 228,000 units with a year-on-year growth of 61%, accounting for 12.6% of the group's total sales. On average, 1 out of every 8 cars sold is a premium car.

Fang Cheng Bao is the strongest, 160,000 units in half a year, year-on-year 163%; DENZA monthly sales first broke 20,000 in June, average price stood around 360,000 yuan; YANGWANG in the million-level segment, is the fastest to sell 10,000 units among domestic new energy.

The premium matrix volume increase directly steadily lifted the average price per vehicle. This item is already ranked at the forefront among mainstream automakers.

The internationalization section is the part with the highest value in my opinion.

Overseas sales in the first half reached 790,000 units, a year-on-year increase of 68%. Business expanded to over 120 countries. UK, Brazil, Thailand several core markets directly won new energy sales champions. The more critical watershed is at the revenue end. For the first time, the proportion of overseas revenue in the first half exceeded half, for the first time surpassing the domestic market.

Some institutions calculated a figure. BYD's overseas average vehicle price is about 184,400 yuan, domestic is 127,200 yuan. The difference is nearly half. Selling the same car overseas is more profitable.

BYD is still moving factories overseas. Brazil and Thailand are already in production. Hungary will follow in the second half. Moving from product export to capacity export gives the confidence to bypass the tariff hurdle.

R&D investment of 28.9 billion yuan, where did it all go?

BYD invested 28.9 billion in R&D in the first half, cumulative total exceeds 270 billion. The second-generation Blade Battery and Flash Charging unveiled in March pushed mass production refueling speed to the global top tier. 10,000 Flash Charging stations built, covering 332 cities. In May, it became the only automaker globally to provide backing for both Smart Parking and City Navigation. China's first self-developed 4nm intelligent driving chip Xuanji A3 is already in mass production. By the end of July, 3.52 million vehicles equipped with assisted driving have run on the roads.

These investments consume money in the short term, but looking long-term they are all moats. It was not vague with upstream suppliers either. Payment terms for SMEs suppliers are pressed to 60 days cash payment. Accounts payable and note turnover days are 141 days, which is at a low level among mainstream automakers.

When the industry slows down as a whole, it is precisely the window for companies to separate themselves.

BYD's path in this semi-annual report is clear. On one side, rely on premiumization to raise the vehicle price. On the other side, rely on internationalization to open up profit space. At the same time, use R&D far exceeding current profit to build high future barriers, demonstrating a continuous and steady development foundation.

That profit curve rising again in the second quarter is the first signal that this strategy is starting to pay off. For the following few quarters, it is worth continuing to watch.

Baru-baru ini, laporan kewangan setengah pertama BYD 2026 telah dikeluarkan.

Pada setengah pertama, BYD mencatatkan pendapatan operasi sebanyak 344.815 bilion yuan, keuntungan bersih induk sebanyak 12.325 bilion yuan, skala terus menempati tempat teratas dalam industri automotif domestik; perbelanjaan penyelidikan dan pembangunan sebanyak 28.9 bilion yuan, simpanan tunai 167.4 bilion yuan, satu pihak merupakan pelaburan teknologi konkrit, satu pihak lagi merupakan asas tunai yang kukuh.

Dari segi jualan, jualan kenderaan lengkap pada setengah pertama melebihi 1.8 juta unit, terus menduduki tempat pertama jualan kenderaan tenaga baharu global. Dengan meletakkan angka-angka ini bersama, siluet sebuah syarikat pentadbir yang mempunyai saiz besar, aliran tunai stabil, dan terus melabur secara berintensiti tinggi, pada dasarnya telah terbentuk.

Pasaran tahun ini dilihat oleh semua orang, perang harga berlaku dari awal tahun sehingga kini, pendapatan dan keuntungan syarikat automotif utama dalam dan luar negara agak terjejas, pada masa seperti ini membongkar laporan syarikat pentadbir, sebaliknya paling menunjukkan siapa yang bertahan kukuh, siapa yang sedang membina tenaga.

Mengapakah keuntungan tempoh semasa kelihatan tidak begitu cemerlang?

Ramai orang akan bertanya soalan ini, sebenarnya dipengaruhi oleh dua aspek:

Pertama adalah kadar pertukaran mata wang,Pada tempoh tahun lalu, mata wang RMB memberikan lebih 3.1 bilion yuan pendapatan pertukaran kepada BYD, tahun ini sebaliknya mencatat kerugian puluhan bilion, masuk dan keluar hampir 8 bilion, semuanya ditunjukkan dalam kos kewangan, bahagian ini tidak berkaitan dengan keupayaan keuntungan perniagaan utama;

Kedua adalah penyelidikan dan pembangunan,Pelaburan 28.9 bilion pada setengah pertama lebih tinggi 16.5 bilion daripada keuntungan bersih tempoh yang sama, bahagian yang difakturkan sebagai kos terus mengurangkan keuntungan tempoh semasa.

Satu gangguan luaran, satu pelaburan wang aktif, kedua-duanya tidak mewakili masalah dengan perniagaan utama. Kebolehan perniagaan utama, data suku kedua paling jujur, keuntungan bersih tunggal kuartal meningkat 30% secara tahunan, margin keuntungan 18.9%, mencatat rekod tertinggi hampir satu tahun, isyarat pemulihan keupayaan keuntungan cukup jelas.

Melihat semula struktur jualan, BYD berjalan sangat kukuh dalam garis kelas premium ini dalam beberapa tahun kebelakangan ini.

Fang Cheng Bao, Denza, Yang Wang ketiga-tiga jenama premium ini dijual bersama 228,000 unit, naik 61% secara tahunan, mewakili 12.6% jumlah jualan kumpulan, purata setiap menjual 8 unit kereta ada 1 adalah kereta kelas premium.

Fang Cheng Bao paling kuat, setengah tahun 160,000 unit, naik 163% secara tahunan; Denza Jun pertama kali jualan bulanan menembusi 20,000, purata harga berada di sekitar 360,000; Yang Wang pada tahap kelas sejuta, adalah yang paling cepat terjual 10,000 unit dalam kenderaan tenaga baharu buatan domestik.

Pelepasan matriks kelas premium, terus menaikkan purata harga unit dengan stabil, perkara ini dalam syarikat automotif utama sudah berada di tempat teratas.

Bahagian internasionalisasi ini, adalah bahagian yang mempunyai nilai tertinggi menurut saya.

Jualan luar negara setengah pertama 790,000 unit, naik 68% secara tahunan, perniagaan merentasi lebih 120 negara, United Kingdom, Brazil, Thailand beberapa pasaran teras terus merangkul juara jualan kenderaan tenaga baharu. Lebih penting titik persimpangan di bahagian pendapatan, peratusan pendapatan luar negara setengah pertama kali melebihi 50%, sekali lagi mengatasi domestik.

Sebuah institusi telah mengira, purata harga unit BYD luar negara sekitar 184,400 Yuan, domestik 127,200 Yuan, perbezaannya hampir setengah, kereta yang sama dijual ke luar negara lebih menguntungkan.

BYD kini masih memindahkan kilang ke luar negara, Brazil, Thailand sudah beroperasi, Hungary sambung pada setengah tahun kedua, dari produk luar negara ke keupayaan luar negara, halangan tarif ada keyakinan untuk memintas.

Perbelanjaan penyelidikan dan pembangunan 28.9 bilion yuan, semuanya dilabur ke mana?

BYD setengah pertama pelaburan R&D 28.9 bilion, terkumpul lebih 270 bilion, bulan Mac memaparkan generasi kedua bateri bilah dan pengecasan pantas, kelajuan pengecasan kuantiti dihasilkan sampai ke kumpulan pertama global, stesen pengecasan pantas dibina 10,000 unit, merangkumi 332 bandar; bulan Mei menjadi syarikat automotif global tunggal sekali gus memberikan sokongan untuk 'pemanduan pintar' dan 'pemanduan bandar', cip pemanduan pintar 4nm sendiri China Xuanji A3 sudah dihasilkan, akhir Julai kenderaan dengan pemanduan bantuan berjalan di jalan 3.52 juta unit.

Pelaburan ini jangka pendek mahal, dilihat jangka panjang semua adalah parit pertahanan. Untuk pembekal hulu ia tidak longgar, tempoh pembayaran pembekal sederhana dan kecil sudah ditekan ke pembayaran tunai 60 hari, hari peredaran bil dibayar dan nota 141 hari, dalam syarikat automotif utama adalah tahap yang rendah.

Apabila industri secara keseluruhan melambat, tepat pada saat adalah jendela yang membezakan kedudukan antara syarikat.

Jalan laporan setengah tahun BYD ini jelas, satu sisi bergantung kepada kelas premium menaikkan harga unit, satu sisi bergantung kepada internasionalisasi membuka ruang keuntungan, serentak menggunakan R&D yang jauh melebihi keuntungan tempoh untuk menaikkan ambang masa depan, menonjolkan asas pembangunan yang stabil dan berterusan.

Kurva keuntungan suku kedua yang naik semula, adalah isyarat pertama strategi ini mula direalisasikan, beberapa suku akan datang, berbaloi untuk terus memantau.

On August 25, the "2026 Silk Road 10,000 Li Journey · Enlightenment Path", for which BYD served as the official travel partner, concluded successfully in Singapore. Li Yunfei, General Manager of Group Brand and Public Relations at BYD, and Zhang Lianye, Chairman of Shaanxi Broadcasting and Television Media Group, jointly announced the conclusion of the event.

With the theme "Technology Towards New, Civilization Towards Heart", the convoy lasted 33 days and traveled over 10,000 kilometers, spanning six provinces in China, crossing Thailand and Malaysia, finally arriving in Singapore. The BYD Dynasty, Ocean, Denza, Fang Cheng Bao, and Yangwang four brands formed a new energy vehicle convoy, completing driving in multiple scenarios including highways, mountainous areas, and urban congestion. Supercharging and the God's Eye assisted driving system withstood the 10,000-mile real-world test. The supercharging capability of "5 minutes to charge well, 9 minutes to charge full" relies on a network of nearly 10,000 supercharging stations to solve long-distance energy replenishment challenges.

Green energy accompanies the long journey along the Silk Road. From Xi'an to Singapore, the scene of ancient Silk Road camel caravan relay stations is evolving into a modern expedition empowered by technology. As of July 2026, BYD has ranked first in total sales of all passenger car brands in Singapore for 19 consecutive months. From January to July, the market share reached 24.7%, and the pure electric share reached 40.3%. From January to July 2026, BYD's overseas cumulative sales exceeded 970,000 units, with a year-on-year growth of approximately 76%. New energy vehicles have entered over 120 countries and regions worldwide.

When they drive Denza D9 to pick up the porcelain that best represents Chinese culture from Jingdezhen, select exquisitely designed silk from Hangzhou silk workshops, choose Wuyi Rock Tea from the first spring from Wuyi Mountain, and drive off the ferry onto Singaporean soil, you can hardly help but feel a sense of disorientation as if traveling through time and space.

Following BYD's arrival in the UK and Europe at the July 2026 Goodwood Festival of Speed with a multi-brand matrix including Denza, Yangwang, Sealion 07, etc., launching a loud shot for Chinese new energy vehicles to enter the Western European market with the largest exhibition booth in global brand history, on August 25, the grand closing ceremony of the "2026 Silk Road 10,000 Li · Enlightening Road" Maritime Silk Road was held grandly in Singapore. BYD, as the full-transportation partner for this event, provided the entire event support fleet, completing a land and sea silk road expedition lasting 33 days and covering over 10,000 kilometers.

BYD Brand Booth at the Goodwood Festival of Speed

This 10,000-kilometer convoy set off from Xi'an, Shaanxi, the starting point of the overland Silk Road, on July 24, passing through cultural landmarks such as Jingdezhen, Jiangxi, Hangzhou, Zhejiang, and Wuyi Mountain, Fujian, following the millennium-old Silk Road cultural vein, crossing mountains and rivers, visiting the civilizational roots of silk, porcelain, and tea; the convoy crossed national borders, traversing Thailand and Malaysia in turn, finally arriving at the hub node of the maritime Silk Road, Singapore, completing this land-sea linked cultural and technological exploration journey.

Thousands of years ago, when merchant ships sailing across the sea along this channel delivered China's top-tier silk, porcelain, and tea into the hands of people from foreign lands, they saw an aesthetic and craftsmanship that a civilization had settled for hundreds of years. But today, this convoy starting from under the Xi'an Ancient City Wall, crossing the Indochina Peninsula and crossing the Strait of Malacca, hands over a more complete modern civilization solution: 5G data streams flowing in the vehicle infotainment system, battery cells lying on the chassis, every kilometer passing by outside the car window is the pulse of the ancient Silk Road beating in the contemporary era.

In the financial report released just recently for the first half of 2026, the confidence of this expedition was already backed by data: BYD's cumulative sales in the first half reached 1.8085 million units, of which the total volume of exports and local delivery in the overseas market reached 792,000 units, a strong increase of 67.8% year-on-year. Performance broken down by core markets is more substantial: In the first half, in Australia, BYD's cumulative sales of all powertrain models reached 52,300 units, a year-on-year increase of 124%, rising to second place among all car brands in Australia, second only to Toyota. BYD, which has been in the UK for a full 18 months, sold a cumulative 38,000 new cars locally in the first half of the year.

And Singapore happens to be the most substantial sample market for this era's dialogue.

You should know that in this harshest automotive arena for global entry barriers, the cost of one Certificate of Entitlement (COE) equals half a luxury car domestically; the car purchase list swept by consumers' fingertips is stacked with all the names that the global automotive industry is most proud of over the past century. It is on this tiny plot of land that BYD forcibly turned itself into part of the streetscape.

As of July 2026, BYD has consecutively held the Singapore passenger car brand sales champion title for 19 months; from January to July this year, the overall market share reached 24.7%, and all categories of Chinese car brands combined occupy nearly half of the local new car market. Singapore's total passenger car registration volume for the year is less than 60,000 units, with BYD stably delivering 1,100-1,400 units per month; almost every four new cars sold, one is from BYD. Walking on the streets of Singapore, around city landmarks such as Orchard Road, Sentosa, Merlion Park, and Botanical Gardens, BYD Sealion 07 (Sealion 7), Yuan PLUS Overseas Version ATTO 3, and Denza D9 can be seen everywhere; Chinese new energy vehicles have deeply integrated into Singapore's daily commuting landscape.

During this journey, a vivid detail was impressive: the local driver responsible for the overseas airport pickup and drop-off service for this event drives a Toyota Alphard MPV daily. During the conversation, he admitted that the Certificate of Entitlement he holds has only two years of validity left, and when exchanging the certificate, he plans to directly swap for a Denza D9. The high fuel costs are forcing local practitioners in Singapore to collectively shift to new energy.

We specifically visited BYD's exclusive general agent in Singapore, Vantage Automotive. In the land-scarce Lion City, the operator built a BYD + Denza dual-brand flagship showroom covering about 4,500 square meters, integrating product display, customer experience, and after-sales maintenance; it has four authorized dealer outlets under its portfolio, building a service network of 27 sales stores covering the whole island, the scale being rare in the local luxury brand channel system.

Singapore BYD General Agent New Car Showroom

Affected by the high Certificate of Entitlement cost and import tariffs, BYD's high-end sequence models sell at a significantly higher price locally than domestically: Denza D9 market price is worth more than 1.6 million RMB, Denza B5 and Denza B8 prices are both higher than the domestic versions. Even with high prices, local public opinion forms an interesting folk evaluation: Many Singaporean users believe that BYD system brands' current market status and user goodwill have already surpassed traditional BMW and Mercedes-Benz. Local circles even spread a playful verbal expression, calling the BBA legacy luxury brands "The Old Guard", while BYD, Denza and other Chinese new energy brands are the market's new favorites "The New Guard".

Behind this jest lies an answer that the Chinese automotive industry has been pursuing for more than half a century: We finally no longer trade low prices for market share, nor do we trade subsidies for growth increments.

Never has an industrial product been able to send China's technological confidence and cultural warmth packaged to the whole world like today's new energy vehicles. The Silk Road merchant teams from a thousand years ago transported out a civilization grown from the land; the convoy expediting along the same road today transports out strength grown from the workshop.

In the past, when we talked about "Globalization", we subconsciously felt we had to cater to others' rules, having to squat down to get the entry ticket. But the footprints BYD has walked along tell everyone: The true globalization that stands and takes the market is walking out with one's own 5,000-year cultural roots—from the Big Wild Goose Pagoda in Xi'an to the Merlion in Singapore, from the kiln fires in Jingdezhen to the track fireworks at Goodwood, the winds of old and new Silk Roads met head-on at the Strait of Malacca.

The era of silk and porcelain is the past, the era of smart EVs and photovoltaic energy storage is the present, and that channel that has been flowing for a thousand years has never broken; it's just that this time, carrying Chinese manufacturing forward are no longer camel caravans and sails, but rolling wheels and flashing lightning. Technology has power, culture has warmth, when the two merge into one, it is the Chinese overseas narrative that can most boost the confidence of the people.

Twenty thousand li of roads with clouds and moon, Chinese automobiles no longer need to try all means to prove "we are not inferior to others". Because in this new energy era deeply participated and even led by Chinese automakers, what we deliver is a future lifestyle that the world is willing to share and pay for.

When hardcore technology flows with the warmth of civilization, every wheel print of Chinese brands rushing to the globe will be walked with immense certainty and dignity.

BYD's 2026 semi-annual report is out, revenue 344.8 billion, net profit 12.3 billion, taxes 22.3 billion, R&D investment 28.9 billion, does this count as losing money to invest in technology? Truly the "King of R&D"!

In my opinion, this actually highlights a solid foundation for sustained development! Although there is 167.4 billion cash on hand, dare to invest so much in R&D, where does the confidence come from? Overseas sales reached 790,000 units, up 68%, UK, Brazil, and Thailand all took the new energy sales champion. The three major high-end brands sold 228,000 units combined, up 61%. Both the high-end and overseas expansion paths are very smooth.

In short, it's about trading full-stack in-house R&D for initiative. BYD has cumulatively invested over 270 billion in R&D, what has it gained? 2nd Gen Blade Battery + Flash Charging tech, the fastest mass production charging speed globally; 10,000 Flash Charging stations already cover 332 cities, overseas also to build 6,000 stations; China's first self-developed 4nm intelligent driving chip Xuanji A3...... All these were forged with real money, not just PPT promises.

When the entire industry is shouting "We can't compete anymore", BYD uses densely deployed technical achievements to prove one thing: The true moat is never built through price wars.

Cover | BYD

Author | Chen Zhuo

Editor | Han Yongchang

On August 29, BYD disclosed a semi-annual report that does not look very good.

In the first half of the year, BYD achieved operating revenue of 344.815 billion yuan, a year-on-year decrease of 7.13%; net profit attributable to the parent company was 12.325 billion yuan, a year-on-year decrease of 20.54%. Most major financial indicators were basically in a year-on-year decline state, and cash and cash equivalents on hand were only 55.619 billion yuan, a decrease of about half compared to the same period last year.

Such results are not actually surprising. In a market where 3.3 new cars launch daily, it is almost impossible for any automaker to submit a sufficiently pretty semi-annual report.

In the first half of this year, Li Auto turned from profit to loss with a net loss of 3.981 billion yuan; Xpeng had a net loss of 3.12 billion yuan. Even Leapmotor, which was in the spotlight in the first half of the year with monthly sales breaking 100,000 units and achieved a 530.97% year-on-year growth in net profit, only reached 208 million yuan.

Therefore, in such a market environment, simply analyzing the rise and fall of BYD's revenue, profit, and other financial indicators in the first half of the year does not have great significance. This is due to both reasons at the company's own operational level and the impact caused by changes in the market environment.

So, this short article does not intend to focus on the rise and fall of the numbers in the financial report, but rather wants to discuss two data points:

The first data point is that BYD's overseas revenue share exceeded half for the first time, reaching 52.57%; the second data point is that its R&D investment in the first half of the year saw its first year-on-year decline since 2020.

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Overseas Revenue Share 52.57%

Let's look at overseas revenue first. BYD's truly large-scale overseas expansion started after 2024.

In Q4 2024, BYD had consecutive months with sales exceeding 500,000 units, with domestic monthly sales exceeding 450,000 units, which is the peak monthly sales to date. In 2024, BYD also successfully sold 4.2 million new energy vehicles, and growth in the domestic market has hit the ceiling.

From this point on, BYD significantly accelerated overseas market expansion.

In 2025, BYD's annual overseas sales broke 1 million units for the first time, and the proportion of overseas revenue to total revenue increased from 28.55% in 2024 to 38.65%.

This year, this trend further accelerated.

In the first six months of 2026, BYD's total sales were 1.8085 million units, of which overseas sales reached 792,300 units and domestic sales were 1.0163 million units. That is to say, overseas sales have accounted for 43.8% of BYD's total sales.

What's more noteworthy is that the growth in overseas sales has started to reflect directly in the revenue. In the first half of this year, BYD's overseas revenue reached 181.268 billion yuan, accounting for 52.57% of total revenue.

This is the first time in BYD's history that overseas revenue share has exceeded half.

BYD is not just going overseas, but is becoming an automaker increasingly reliant on the overseas market.And the significance of the overseas market for BYD is not just providing incremental sales.

The financial report shows that in the first half of this year, BYD's overseas business gross margin reached 21.71%, while the domestic business gross margin was only 15.67%.

Combining BYD's domestic and overseas sales in the first half of this year, it can be roughly calculated that the gross profit per vehicle corresponding to overseas business is about 49,700 yuan, while domestic is about 25,200 yuan, the former is nearly twice the latter.

Of course, this number cannot be simply understood as "BYD earns 49,700 yuan for every car sold overseas". BYD's business structure is different from many automakers, and the profits of power batteries, energy storage, and other businesses are also included in the overall business, and there are also differences in product structures between domestic and foreign.

But at least one point is very clear: Overseas markets are not only a new source of sales growth for BYD or any Chinese automaker, but also a market with better profitability.

So, BYD is still continuing to accelerate overseas expansion.

The financial report shows that currently, BYD's new energy vehicle business has covered six continents and 121 countries/regions worldwide. In the first half of this year, in major overseas markets such as the UK, Italy, Spain, Brazil, Thailand, Indonesia, Saudi Arabia, and UAE, BYD was the new energy vehicle sales champion.

If BYD can maintain overseas sales growth in the future, while keeping overseas revenue above half of total revenue for a long time, then its identity will also undergo a significant change, it is no longer just China's largest new energy vehicle company, but will increasingly become a global automotive company.

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R&D Investment Down 6.54% YoY

R&D has always been one of the most important tags for BYD.

In the past few years, BYD has emphasized R&D investment almost every year. From the Tech Pool, to Engineer culture, to increasing R&D personnel and R&D expenses, R&D investment has always been an important tag distinguishing BYD from other automakers.

But this year, this indicator has seen some changes.

In the first half of 2026, BYD's R&D investment was 28.861 billion yuan, a year-on-year decrease of 6.54%. This is the first half-year R&D investment decline for BYD since 2020.

Moreover, not only did the total amount of R&D investment decrease, but the structure of R&D expenses also changed.

In the first half of this year, BYD's capitalized R&D expenses reached 5.554 billion yuan, accounting for 19.24% of R&D investment; while at the same period last year, this proportion was only 4.16%.

Here, a brief explanation of what R&D capitalization means is needed.

A-share listed companies' R&D investment can choose expensing, or can proceed to capitalization after meeting conditions. Expensing means R&D expenditure is directly recorded in the current period profit and loss; capitalization means qualified R&D expenditure is first recorded as assets, and then gradually recorded in costs through depreciation, amortization, etc.

In simpler terms, the higher the proportion of R&D expense capitalization, the less amount is deducted in the current period, and these amounts can be placed in the profit column, making book profits higher.

According to the data in the first half of this year, BYD's capitalized R&D expenses were 5.554 billion yuan.

If assuming the capitalization ratio remained at last year's same period level of 4.16%, then the capitalized R&D expenses for the first half of this year would be only about 1.2 billion yuan. Simple calculation shows that under unchanged other conditions, BYD's current period profit might be affected by about 4.3 billion yuan, leaving less than 8 billion yuan.

But it also needs to be emphasized here that R&D capitalization itself does not mean financial fraud or profit manipulation. As long as R&D projects meet the capitalization conditions prescribed by accounting standards, enterprises carrying out capitalization treatment is a normal accounting behavior, and the capitalization ratio of some automakers' R&D expenses may even reach 80%.

What is truly worth attention is actually that both numbers changed simultaneously: R&D investment declined, and the capitalization ratio increased. This forms a clear contrast with BYD in the past few years.

In the past few years, BYD, in its high-growth period, has always touted R&D investment, ranked first among A-share listed companies for two consecutive years, and the company currently has more than 120,000 R&D personnel. As of the first half of 2026, cumulative R&D investment has exceeded 270 billion yuan.

The decline in R&D investment in the first half of this year is not itself something that needs to be criticized per se, but it is a very signal worth paying close attention to.

Especially in the context of pressure on BYD's domestic market and declining profits, this means that the company that has been continuously increasing R&D investment in the past has begun to focus more on the relationship between input and output.

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Final Thoughts

In the past few years, what BYD has been best at is continuously expanding scale. From 2021 to 2025, BYD sales grew from 730,000 to 4.6 million units, an increase of about 6.3 times.

For a company with a highly vertically integrated supply chain, this not only means whole vehicle capacity must expand 6.3 times, but also capacity for a large number of self-supplied parts such as batteries and motors must expand synchronously. That was a typical high-growth stage, where BYD's employee count once peaked at 970,000.

But when the domestic new energy market shifted from incremental competition to stock competition, BYD also began to enter an adjustment period.

The era of relying solely on price cuts and over-specification for growth in the domestic market is passing, and the overseas market has given BYD new growth space. The sales, revenue, and profit margins in the first half of this year even proved that going overseas is not just a second growth curve, and may even become the most important growth source for BYD in the future.

At the same time, the first decline in R&D investment also means that BYD has begun to rethink the relationship between input, output, and profit. This does not mean that BYD no longer values R&D, but is an adjustment after high-speed growth.

So, rather than saying this is an unfavorable semi-annual report, it is more like a semi-annual report at a turning point period. And whether this transition can be completed smoothly will also determine whether BYD can truly become a global automaker.

- END-

Apabila mereka memandu Denza D9 mengambil tembikar Jingdezhen yang paling mewakili budaya China, memilih sutera berreka bentuk indah dari bengkel sutera Hangzhou, memilih teh Yian Wuyi musim bunga pertama dari Gunung Wuyi, menaiki feri masuk ke tanah Singapura, anda sukar tidak rasa seperti tersasar dalam masa dan ruang.

Seterusnya, selepas Festival Kelajuan Goodwood pada Julai 2026, BYD dengan Denza, Yangwang, Seal 07 dan pelbagai matris jenama lain mendarat di United Kingdom dan Eropah, memulakan tembakan lantang China untuk memasuki pasaran Eropah Barat dengan pameran jenama terbesar dalam sejarah global, pada 25 Ogos, "Perjalanan Ribuan Kilometer Laluan Sutera 2026 · Laluan Pencerahan" majlis penutup Laluan Sutera Laut diadakan secara meriah di Singapura. BYD sebagai rakan kongsi pengangkutan sepanjang aktiviti ini, menyediakan keseluruhan pasukan kenderaan sokongan aktiviti, menamatkan ekspedisi Laluan Sutera Darat dan Laut selama 33 hari, keseluruhan perjalanan lebih 10,000 kilometer.

Pameran Jenama BYD Festival Kelajuan Goodwood

Pasukan kenderaan perjalanan ribuan kilometer ini bermula dari Xi'an, Shaanxi, titik permulaan Laluan Sutera Darat pada 24 Julai, melalui Jingdezhen Jiangxi, Hangzhou Zhejiang, Gunung Wuyi Fujian dan lain-lain tanah besar budaya, mengikuti nadi budaya Laluan Sutera beribu tahun, merentasi gunung dan sungai, mencari akar budaya sutera, tembikar dan teh; pasukan kenderaan keluar dari sempadan negara, merentasi Thailand, Malaysia, akhirnya sampai ke titik hub Laluan Sutera Laut Singapura, menamatkan perjalanan carian teknologi dan budaya gabungan darat dan laut ini.

Dulu, kapal dagang yang berlayar melintasi lautan melalui laluan ini, apabila menghantar sutera, tembikar dan teh terbaik China kepada orang asing, mereka melihat adalah estetika dan seni bina yang telah terkumpul selama beratus tahun. Hari ini, pasukan kenderaan yang berangkat dari bawah tembok kota lama Xi'an, merentasi Semenanjung Indochina, merentasi Selat Melaka, memberikan satu set penyelesaian sivil moden yang lebih lengkap: arusan data 5G mengalir dalam sistem kenderaan, sel bateri Bilah terletak pada chasis, setiap kilometer yang dilalui di luar tingkap kereta, adalah nadi Laluan Sutera purba yang berdenyut dalam tempoh masa kini.

Baru-baru ini, dalam laporan kewangan Semester Pertama 2026, kekuatan ekspedisi ini telah disokong oleh data: jualan kumulatif BYD pada Semester Pertama 2026 adalah 1.8085 juta unit, di mana jumlah eksport luar negara dan serahan tempatan mencapai 792,000 unit, meningkat dengan ketara 67.8% berbanding tahun sebelumnya. Prestasi di pasaran teras mempunyai berat yang lebih: pada Semester Pertama 2026, di Australia, jualan kumulatif model kuasa penuh BYD telah mencapai 52,300 unit, meningkat 124% berbanding tahun sebelumnya, naik ke tempat kedua di kalangan semua jenama kereta Australia, hanya di belakang Toyota. Setelah mendarat di United Kingdom selama 18 bulan, BYD telah menjual 38,000 unit kereta baharu di sana pada Semester Pertama.

Sementara itu, Singapura adalah contoh pasaran paling bermakna dalam perbualan zaman ini.

Hadirnya, dalam medan pertarungan kereta dengan gerbang masuk global paling ketat ini, kos Sijil Kelayakan sudah cukup untuk membeli separuh kereta mewah domestik, senarai pembelian kereta yang dilalui hujung jari pengguna, menimbun semua nama kebanggaan industri kereta dunia selama beratus tahun. Di tanah kecil ini sahaja, BYD benar-benar memaksa dirinya menjadi sebahagian daripada pemandangan jalan.

Sekaligus pada Julai 2026, BYD telah berjaya sebagai juara jualan keseluruhan jenama kenderaan persendirian Singapura selama 19 bulan berturut-turut; Januari-Julai tahun ini, keseluruhan pasaran pasaran mencapai 24.7%, keseluruhan jenama kereta China menempati hampir setengah pasaran kenderaan baharu tempatan. Jumlah keseluruhan kenderaan persendirian yang didaftarkan di Singapura sepanjang tahun kurang daripada 60,000 unit, BYD secara stabil menghantar 1,100-1,400 unit setiap bulan, hampir setiap 4 unit kenderaan baharu yang terjual, satu unit datang dari BYD. Berjalan di jalan Singapura, di sekitar Tanah Besar Orchard Road, Sentosa, Taman Merlion, Taman Botani dan lain-lain tanah besar bandar, BYD Seal 07, Yuan PLUS versi luar negara ATTO 3, Denza D9 kelihatan di mana-mana, kenderaan baharu China telah digabungkan dengan mendalam dalam pemandangan pengangkutan harian Singapura.

Dalam perjalanan kali ini, satu butiran hidup yang memberikan kesan mendalam: pemandu tempatan yang bertugas dalam perkhidmatan pengangkutan lapangan terbang luar negara semasa ini, kenderaan harian mereka adalah Toyota Alphard MPV. Dalam perbualan dia mengakui dengan jujur, Sijil Kelayakan di tangannya hanya mempunyai tempoh sah laku dua tahun lagi, pada masa menukar sijil, dia merancang untuk terus menukar Denza D9. Kos minyak petrol yang tinggi, sedang memaksa pengamal tempatan Singapura secara kolektif beralih kepada tenaga baharu.

Kami secara khas lawati ejen utama BYD di Singapura Vantage Automotive. Di Tanah Singa yang sempit ini, pengendali telah membina pavilion utama jenama ganda BYD+Denza seluas kira-kira 4,500 meter persegi, menggabungkan pameran produk, pengalaman pelanggan dan penyelenggaraan selepas jualan ke dalam satu kes; di bawahnya terdapat empat titik cawangan pengedar bertauliah, membina rangkaian perkhidmatan penjualan 27 kedai yang menutupi seluruh pulau, saiznya jarang di kalangan sistem saluran jenama mewah tempatan.

Pavilion Kereta Baharu Ejen Utama BYD Singapura

Dampak gabungan Sijil Kelayakan tinggi dan duti import, harga model jujukan tinggi BYD di tempatan jauh lebih tinggi daripada di dalam negara: harga pasaran Denza D9 adalah melebihi RMB 1.6 juta, harga Denza B5 dan Denza B8 lebih tinggi daripada versi dalam negara. Walaupun harga mahal, pendapat awam tempatan membentuk satu penilaian rakyat yang menarik: banyak pengguna Singapura berpendapat, tahap pasaran dan kehangatan pengguna jenama sistem BYD semasa sudah melebihi BMW dan Mercedes-Benz tradisional. Di kalangan rakyat bahkan tersiar satu ungkapan lisan jenaka, memanggil jenama mewah lama BBA sebagai "Generasi Tua", manakala jenama kenderaan baharu China seperti BYD dan Denza, adalah "Generasi Baharu" kegemaran pasaran.

Di sebalik jenaka ini, tersembunyi satu jawapan yang diperjuangkan industri kereta China selama lebih setengah abad: kami akhirnya tidak lagi bergantung pada harga rendah untuk mendapatkan pasaran, tidak lagi bergantung pada subsidi untuk mendapatkan tambahan.

Tidak pernah ada produk industri, seperti kereta kenderaan baharu hari ini, boleh membungkus kekokohan teknologi China dan kehangatan budaya untuk dihantar ke seluruh dunia. Kafilah dagang Laluan Sutera beribu tahun lalu, membawa keluar sivil yang tumbuh dari tanah; hari ini pasukan kenderaan yang berkhidmat di sepanjang jalan yang sama, membawa keluar kekuatan yang tumbuh dari kilang.

Dulu kita bercakap "globalisasi", selalu secara sedar rasa perlu menyesuaikan peraturan orang lain, perlu berjongkok untuk mendapatkan tiket masuk. Tetapi jejak langkah yang dilalui BYD memberitahu semua orang: globalisasi sebenar yang berdiri dan mengambil pasaran, adalah membawa akar budaya lima ribu tahun kita keluar – dari Pagoda Gajah Besar Xi'an ke Merlion Singapura, dari api loji Jingdezhen ke api lumba Goodwood, angin Laluan Sutera baru dan lama bertembung di Selat Melaka.

Zaman sutera dan tembikar adalah masa lalu, zaman kereta elektrik pintar dan tenaga suria adalah masa kini, laluan yang mengalir selama beribu tahun tidak pernah putus, hanya kali ini, yang membawa Pembuatan China ke hadapan bukan lagi kafilah unta dan layar, tetapi roda berputar, tenaga elektrik yang berkelip. Teknologi mempunyai kekuatan, budaya mempunyai kehangatan, apabila kedua-duanya menjadi satu, ia adalah naratif eksport China yang paling boleh membangkitkan kepercayaan rakyat China.

Dua puluh ribu kilometer jalan awan dan bulan, kereta China tidak perlu lagi berpeluh mencari-cara untuk membuktikan "kami tidak lebih lemah daripada orang lain". Kerana dalam zaman kenderaan baharu yang dikongsi dan diungguli syarikat kereta China, kita memberikan satu gaya hidup masa depan yang dunia sukai untuk dikongsi dan bersedia untuk membayarnya.

Apabila teknologi keras mengeluarkan kehangatan sivil, setiap jejak roda jenama China yang menuju ke seluruh dunia, akan berjalan dengan sangat yakin, sangat bermaruah.