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How is China Leading the Global Electric Vehicle Market?

Views: 0     Author: Li     Publish Time: 2025-01-21      Origin: Site

BYD's Overseas Strategy: Brazil as a Priority, ASEAN as the Current Focus, Europe as the Future


BYD continues to focus on export strategies, identifying Brazil as a key market, while expanding efforts in the ASEAN region and targeting Europe for future growth. According to a report by Morgan Stanley analysts led by Tim Hsiao, exports remain a crucial pillar for BYD to achieve sales growth through 2025, until their overseas production facilities are fully operational.


Amid increasing geopolitical tensions in other areas, ASEAN and Latin America are seen as primary markets for BYD, with Brazil being particularly significant. Despite rising protectionism pressures from Western countries, Europe remains a strategic target for the company. To navigate geopolitical challenges, BYD plans to establish localized production bases in Thailand, Brazil, Uzbekistan, Hungary, Indonesia, Turkey, and Cambodia. Morgan Stanley notes that these bases are set to become key electric vehicle (EV) production hubs in ASEAN and Latin America over the next decade.


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Brazil as a Major Market

In 2024, BYD's overseas sales reached 417,200 units, with Brazil as the largest export destination. Data from the Brazilian National Vehicle Distribution Federation indicated that BYD's registered vehicles in Brazil amounted to 76,700, marking a 328% year-on-year increase. The sales momentum continued to accelerate, setting a record in December with over 10,000 deliveries in a single month, a significant jump from the average monthly range of 7,000-8,000.


BYD has already launched seven electric car models in Brazil, with the Song PLUS and Dolphin Mini being the most popular. Additionally, construction of a factory with an initial capacity of approximately 150,000 units is underway in Brazil, reinforcing the country's importance as an electric car market.


ASEAN's Potent Growth Potential

Beyond Brazil, Morgan Stanley views the ASEAN market as having tremendous potential for BYD. Recent sales growth in the region has been robust, with monthly shipments surging from 2,000-3,000 units in 2023 to 5,000-6,000 units in the second half of 2024. Notably, since BYD's debut in Indonesia in early 2024, the market has rapidly surpassed Thailand, positioning Indonesia as BYD's largest market in Southeast Asia.


To better meet the needs of ASEAN customers, BYD plans to introduce plug-in hybrid electric vehicles (PHEVs) to address the limitations of battery electric vehicles (BEVs). The Sea Lion PHEV was launched in Thailand and the Philippines in the third quarter of 2024 and is expected to appear in other ASEAN markets this year. This strategy positions BYD to meet diverse customer needs with a comprehensive electric vehicle lineup.


Europe as a Strategic Focal Point

Despite the rising wave of protectionism, Europe remains a strategic priority for BYD. The company's monthly delivery volumes in Europe increased significantly from 3,000-4,000 units in the first half of 2024 to 6,000-7,000 in October and November. EU countries comprise over 70% of BYD's vehicle sales in Europe, contributing significantly to the company's overall overseas sales. In the entire European market, the UK has emerged as the largest single market for BYD through the first 11 months of 2024.


In response to tariff hikes, BYD plans to launch the new Atto 2 compact SUV in February in Europe, underlining the company's commitment to its strategic presence and continued expansion in the region.



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