Media365
BYD, the world’s largest electric-vehicle (EV) maker, sold more cars overseas than at home for the first time in February, reflecting a broader trend among Chinese EV makers’ global push as domestic sales soften amid fierce competition.
“Squeezed by the fierce competition at home, China’s EV makers are shifting their focus to global markets,” said David Zhang, general secretary of the Shanghai-based International Intelligent Vehicle Engineering Association.
BYD, which overtook Tesla last year as the world’s largest EV maker, sold 100,600 units overseas last month, 53 per cent of its total, according to a recent filing to the Hong Kong stock exchange.
However, overall sales fell 41 per cent year on year, weighed down by a 65 per cent drop in sales in mainland China despite a 50 per cent surge in exports.
Great Wall Motor, another leading Chinese carmaker, saw overseas sales exceed domestic deliveries for the first time in February. Of the 72,594 vehicles sold last month, 42,679 – or 59 per cent – were delivered overseas.
