BYD Aims To Sell Half Its Cars Outside China By '30

BYD, China's No. 1 automaker, aims to sell half of its vehicles outside the Chinese market by 2030, a massive increase that would make it a rival to the world's largest automakers, according to four people familiar with the matter.

- Reuters

SHANGHAI/LONDON: BYD, China's No. 1 automaker, aims to sell half of its vehicles outside the Chinese market by 2030, a massive increase that would make it a rival to the world's largest automakers, according to four people familiar with the matter.

The growth would be fueled by expansion in Europe and Latin America, the people said, even as BYD and all other Chinese brands remain locked out the U.S. market by trade barriers.

BYD executives have outlined the 2030 target to investors in small groups since late last year, emphasizing its Europe expansion as pivotal to hitting the target, according to one of the people familiar with the discussions.

That goal is a heavy lift even for a company with BYD's dizzying growth rate. Its home market of China accounted for nearly nine of every 10 vehicles of the 4.27 million vehicles BYD sold last year.