- BYD's prices in overseas markets are relatively stable, which significantly contributes to the company's profitability, Wang Chuanfu said.
- BYD has seen signs of sequential growth in monthly sales in multiple overseas markets.
Wang Chuanfu, chairman and president of BYD (HKG: 1211, OTCMKTS: BYDDY), expects the company to see strong overseas sales this year, which will be beneficial to profitability.
BYD's overseas sales last month were about 90,000 units, and this year's data is expected to be very robust, Wang said at a 2024 annual shareholders' meeting held today.
BYD's prices in overseas markets remain relatively stable, which has significantly contributed to the company's profitability, he said.
Wang anticipates that BYD's overseas sales will continue to rise month-on-month, with signs of this trend already evident in multiple overseas markets.
BYD's future capital expenditures will focus on localization efforts in overseas markets to capitalize on the "golden period" for new energy vehicles (NEVs) replacing gasoline-powered vehicles, he said.
In May, BYD sold 89,047 vehicles overseas, marking the sixth consecutive month of record-breaking sales, according to data compiled by CnEVPost.
This represents a year-on-year increase of 137.46 percent, accounting for 23.28 percent of BYD's monthly NEV sales of 382,476 units.
From January to May, BYD's overseas NEV sales reached 374,217 units, up 112.13 percent year-on-year.
BYD's 2025 vehicle sales target is 5.5 million units, including over 800,000 units from overseas markets, Wang said in March.
BYD is constructing passenger vehicle factories in multiple overseas markets, with current overseas sales primarily sourced from exports from China.
The company operates its own fleet of car carriers and has rapidly expanded its maritime transport capacity over the past year.
The BYD Changsha and BYD Xi'an car carriers, the fifth and sixth vessels in BYD's car carrier fleet, have recently entered the sea trial phase and are set to begin operations soon.
