On June 6, the 2024 Annual Shareholders’ Meeting of Chinese electric vehicle manufacturer BYD was held. BYD’s Chairman and CEO, Wang Chuanfu, addressed shareholder concerns regarding the company’s overseas market expansion, electrification, and intelligent technologies, emphasizing that both international expansion and premiumization are critical strategies for BYD.
Currently, the company is seeing a monthly increase in overseas sales. In May, BYD sold over 89,000 electric vehicles overseas, a year-on-year increase of 137.46% and a month-on-month increase of 12.60%. The share of overseas electric vehicles sales in the company’s total sales reached 23.28%, setting a new record. This is up from 11.30% in May 2024, representing a significant shift in the sales structure over the past year.
Looking ahead, BYD will continue to focus on both business internationalization and brand premiumization. BYD’s products are now available in 112 countries and regions globally, with production bases and sales networks established across six continents. The company’s overseas strategy focuses on three key regions: Brazil, ASEAN, and the European Union. Among these, Brazil is the main driver of BYD’s overseas sales growth. In 2024, the company registered 76,700 vehicles in Brazil, a standout figure in the overall 417,200 units sold abroad. The upcoming Brazil factory will further strengthen the company’s growth in the region. Southeast Asia presents new potential for BYD, with the region’s growing economy and rising awareness of new energy vehicles expected to drive continued sales growth in the future.
In the European market, premiumization is BYD’s primary focus. In April of this year, BYD's premium brand, Denza, held a brand launch event in Milan, Italy, marking a significant step towards achieving its premiumization goals. Wang Chuanfu also mentioned at the shareholders' meeting that premiumization is a key challenge that must be won, and in some overseas markets, premiumization is progressing faster than in China. Currently, BYD has launched three premium brands: Yangwang, Denza, and Formula Leopard.
Founded on November 18, 1994, and headquartered in Shenzhen, Guangdong, BYD is a Fortune Global 500 company. It went public in 2002 on the Hong Kong Stock Exchange and in 2011 on the Shenzhen Stock Exchange. The company operates across four major industries: electronics, automotives, renewable energy, and rail transit, with a commitment to using technological innovation to meet people’s aspirations for a better life.