BYD's total sales of electric and plug-in hybrid vehicles rose 21.8% year-on-year to 419,211 units in July, marking the third consecutive month of growth for the Chinese manufacturer.
The July figures represent a month-on-month increase of approximately 3.9% compared to the company's June sales of 403,472 units.
BYD overseas shipments of passenger vehicles and pickups in July
Overseas shipments of passenger vehicles and pickups reached 179,841 units in July, an increase of 124.3% compared to the same period last year. This follows June's overseas sales of 175,349 units, representing a month-on-month growth of approximately 2.6%.
Shipments outside of China accounted for approximately 43% of BYD's total global sales in July. The company is expanding into Southeast Asia, Europe, Latin America, and other emerging markets.
Market pressures and production strategy
Growth for Chinese car manufacturers is facing pressure from intense price competition among automakers, reduced incentives, slowing consumer demand, and weaker demand in China's domestic market. Additionally, consumers are delaying vehicle purchases in anticipation of further discounts.
BYD faces increasing competition due to political pressure on Chinese brands, new electric models from domestic manufacturers, and additional tariffs in Europe.
To grow overseas sales, BYD plans to build or prepare factories in various regions to bring production closer to target markets, rather than relying solely on exports from China. Local production is intended to reduce shipping costs and provide protection against trade barriers and customs duties.