The firm, which sold 417,204 units overseas in 2024, expects to see “a substantial rise” in its market share in Britain, which is “very open” to competitive Chinese products, according to a transcript of the call by Wang Chuanfu.
The company also sees “great opportunities” to grow rapidly in Latin American and Southeast Asian countries, where the governments and people are friendly towards Chinese brands, he said.
With governments abroad weighing or levying tariffs against Chinese-made cars, BYD plans to keep its cost advantage by purchasing key components from China and assembling the vehicles in local markets, Wang added, without specifying the countries he was referring to.
During the Tuesday meeting, Wang also told analysts he expected to see the majority of BYD’s profits coming from overseas markets “at a certain stage”.
BYD is currently building a factory in Brazil, its biggest market outside China.
The carmaker is also building factories in Thailand, Hungary and Turkey. (Reuters)
