BYD（比亚迪）reported CNY 181.27 billion in revenue outside China in the first half of 2026, exceeding its CNY 163.55 billion of revenue from China, including Hong Kong, Macao and Taiwan. Overseas revenue represented 52.57% of group revenue, the first time it has surpassed the China figure on BYD’s geographical reporting basis.
Group revenue fell 7.13% year on year to CNY 344.82 billion, while net profit attributable to shareholders declined 20.54% to CNY 12.33 billion. Yet overseas revenue rose 33.92%, while vehicle exports reached about 792,000 units, up 67.8%. BYD said its NEV business now covers 121 countries and regions and cited JATO Dynamics data showing leading brand-sales positions in markets including the United Kingdom, Brazil and Thailand.
The figure is significant but should not be overstated. BYD’s overseas revenue includes the group’s electronics, battery, energy-storage and other businesses, rather than vehicle sales alone, and does not show overseas profitability. Its financial expenses reached CNY 5.10 billion in the period, including CNY 4.70 billion in foreign-exchange losses.
BYD is also investing in the infrastructure and technology behind its expansion. It has built 10,000 flash-charging stations across 332 Chinese cities and plans 6,000 overseas; the company also said that more than 3.52 million vehicles equipped with related driver-assistance systems were on the road as of July 31.
The result marks a meaningful change in BYD’s revenue mix. The next question is whether local production, channels, after-sales service and charging infrastructure can make overseas growth both durable and profitable.