Chinese EV giant BYD Co. Ltd. (OTC: BYDDY) (OTC: BYDDF) expects its overseas sales to make up about 20% of its total deliveries in 2025.
800,000 to 1 Million Overseas Deliveries
BYD expects to deliver anywhere between 800,000 and 1 million units in markets outside of mainland China in 2025, according to Li Yunfei, a senior BYD official, the South China Morning Post reported on Sunday.
Also Read: China’s Largest Vehicle Exporter Chery Surges 11% After Hong Kong Stock Debut
“We estimate that the proportion of our overseas sales would hit 20 per cent this year,” Li said, adding that BYD’s eight car carrier vessels, capable of transporting 9,200 units each, added to the export surge. The company also plans to introduce China-developed cars to other markets, the report suggests.
Warren Buffett Exits BYD
The news comes as veteran investor Warren Buffett‘s company, Berkshire Hathaway, announced it had sold the entirety of its stock position in BYD. The company had first invested in the Chinese automaker back in 2009 after then Vice President Charlie Munger urged the company to buy shares in BYD. Munger had termed the Chinese EV giant a “miracle.”
Berkshire Hathaway held its BYD position for 17 years and owned over 225 million shares in the automaker after investing $230 million in the company in 2008.
BYD Cuts Annual Sales Forecast, European Surge
BYD also cut its annual sales for 2025 to 4.6 million units, down 16% from the earlier target of 5.5 million units. The automaker also recorded a 30% decline in profits domestically in China. However, BYD also recorded a 225% surge in its European sales ahead of next year’s debut of BYD’s luxury-focused YangWang and Denza brands.
Xiaomi and Xpeng Gain European Momentum
Meanwhile, tech company Xiaomi Corp (OTC: XIACF) (OTC: XIACY) announced a new R&D and Design center in Munich, Germany, where the company would develop technology to aid in its planned European debut in 2027. Xiaomi’s YU7 and SU7 EVs have proven to be successful in the Chinese market so far.
Elsewhere, Xpeng Inc. (NYSE: XPEV) recorded a surge in both NYSE and Hong Kong-listed shares after it announced its entry into 5 new markets in Europe, namely Switzerland, Austria, Hungary, Slovenia and Croatia. The company will also manufacture units locally in Austria with Magna International Inc. (NYSE: MGA).
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo Courtesy: Oasishifi on Shutterstock.com
Read Next: