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Chinese automakers Geely and BYD are accelerating their efforts to expand globally, with both targeting more than a 50% increase in international sales by 2026. Geely forecasts its overseas sales will jump by 50% to 80% next year, reaching around 600,000 vehicles, as announced during its third-quarter earnings call. Meanwhile, BYD has set its sights on selling 1.5 million vehicles internationally by 2026, reflecting an increase of over 50%, according to industry sources citing the company’s management team.
Geely plans to grow its international presence across five key regions: Europe, Eastern Europe, Southeast Asia, Latin America, and Africa. The company intends to expand its dealer network from over 890 outlets to between 1,100 and 1,200 outlets. Electric vehicles are expected to make up approximately 45% to 50% of its total sales abroad.
BYD’s European sales network is already expanding rapidly, with the company aiming to reach 1,000 outlets by the end of this year and double that number next year, as per a recent event in Frankfurt. The Chinese automaker is focused on increasing its global footprint, aiming to build a significant presence in key markets.
Industry analysts note that Chinese automakers are not only attracted by the vast market potential but also by higher profit margins per vehicle overseas. For example, BYD reports a profit exceeding CNY20,000 (about USD2,812) per vehicle abroad, surpassing its earnings in China.
Advances in core technologies for fuel-efficient and electric vehicles, coupled with strategic advantages in the energy industry chain, are helping top Chinese carmakers accelerate their international expansion efforts. Several other Chinese EV companies are also setting their sights abroad. Zhejiang Leapmotor aims to sell between 100,000 and 150,000 units overseas next year, according to its third-quarter report.
Xpeng Motors intends to introduce at least three new models internationally and start manufacturing vehicles in Indonesia and Austria. The company’s deliveries increased by 125% in the first three quarters compared to last year, reaching 28,000 units.
Major manufacturers such as Chery Holding Group and SAIC Motor are also increasing their overseas investments. Chery expects its exports to exceed one million vehicles this year, while SAIC sold 765,000 units in foreign markets during the same period.
Overall, China’s vehicle exports are projected to surpass six million units this year, with overseas sales by Chinese carmakers likely growing between 5% and 10% in 2024. In the first three quarters, exports of new energy vehicles (NEVs) surged by 84% year-over-year to 1.66 million units, with electric vehicle exports increasing their share from 25% last year to 40%. Experts predict that NEVs could represent half of all vehicle exports next year.
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