BGC Going Global, Who Left Something Irreplaceable?

In the first three quarters of this year, BYD, Geely, Chery (collectively known as BGC) submitted different answers regarding going global. But what is more worth paying attention to than export numbers is, Chinese car companies going global have surpassed the extensive product output phase of "selling whatever cars we have domestically abroad". In the first three quarters, the core question BGC is truly answering is: besides selling cars, who can leave irreplaceable long-term value locally?

BYD: Building Another BYD Abroad

The most substantial change in BYD's global expansion this year is not that 1.343 million vehicles were exported in the first three quarters, but that the management's phrase "Building Another BYD Abroad" is becoming reality. In the first three quarters, overseas sales share of the group's total sales exceeded 40%, overseas revenue share exceeded half for the first time, and the overseas market has truly become BYD's first revenue source.

On what basis? It relies not on simply moving domestic models abroad, but on precisely cutting into local markets and achieving localized adaptation.

A typical example is the Shark pickup truck in Australia: this car does not exist domestically at all, it was developed separately for the overseas market; upon arriving in Brazil, BYD also adapted for ethanol fuel, this hybrid system supports direct ethanol use in addition to conventional fuel modes. This is called "Platform Globalization + Detail Localization", using products with a dimensional advantage to adapt to local scenarios.

In Europe, BYD did not choose to compete in the market at low prices, but chose a high-profile, high-end approach. Denza Z9GT European starting price is about €115,000, Sea Lion series directly benchmarks against Audi, BMW. BYD even rented the former Tesla store on the UK financial district, right next to it is a Land Rover showroom. It brings the "Flash Charging" technology polished through full competition in the domestic market, completed its European premiere at the Paris Opera House, first establish a technology leadership label in the European market, then promote vehicle sales accordingly.

The deeper move lies in manufacturing. BYD invested over 7 billion yuan to build a factory in Brazil, planned annual capacity of 150,000 vehicles, absorbing over 5,000 local jobs. Brazilian President Lula personally endorsed it, even pushing to rename "Ford Road" at the factory entrance to "BYD Road". From Brazil to Thailand, Uzbekistan, Hungary, Turkey, plus 8 owned car car carriers launched and put into service sequentially, what BYD leaves globally is capacity, employment, and technology labels.

Geely: Building a Localized Operational System

Compared to BYD's product output, Geely's biggest highlight in going global this year in the first three quarters is using capital cooperation to directly build a complete localized operational system in Europe.

Geely did not choose to build a factory from scratch, but directly acquired 34% equity of Ford's Valencia, Spain factory, forming a joint venture to produce Geely brand new energy vehicles using mature capacity. In Europe, Geely reuses Volvo's channel resources, starting from January 2027, Volvo will become Lynk & Co's exclusive distributor in Europe; in R&D, Geely integrated business in Gothenburg and Frankfurt, compressing the time gap for model launches between China and Europe.

In technical certification, Qianli Haohuo G-ASD obtained UN R171 certification, becoming China's first assisted driving system to go global. In addition, Geely also started localized production in Brazil through Renault's factory, and promoted the AHTV (High-tech Valley) project in Malaysia.

The return of this system is directly reflected in the structure: in the third quarter, Geely's export share of total sales surged from 14.7% to 39.8% year-on-year. What Geely leaves is not just sales volume, but a localized operational system centered on Europe and extending globally.

Chery: From "Export Champion" to "Full Industry Chain Collaborative Going Global"

In the first three quarters of this year, Chery exported 1.4991 million vehicles, up 65.6% year-on-year, firmly ranking first among Chinese brands; domestic sales share is now less than 30%, overseas market has become the absolute main force. Revenue in the first three quarters was 241.234 billion yuan, gross margin increased to 16.17%, high-margin overseas business pulled up overall operating quality.

But Chery's real going global narrative is converting the stock of "Export Champion" into landing capabilities of manufacturing and operating locally. This year, Chery explicitly promoted "Globalization 3.0 Strategy", the core is pushing global business to transform from product exports to collaborative transformation across R&D, production, supply chain, and sales services.

Chery's going global path walked very steadily: from early "Going Out" (vehicle export) to "Going In" (channels and after-sales first), then to now "Going Up" (brand elevation). Its trump card is "Platform Globalization + Detail Localization". 70% of parts in a single vehicle achieve global commonality, remaining 30% customized for local regulations, climate, and usage scenarios. Verified domestically first, then output modularly, forming a layered "Technology Shelf". R&D expenditure in the first three quarters reached 11.046 billion yuan, up over 40% year-on-year, providing solid support for this technology shelf.

At the brand level, Chery's operation is extremely pragmatic. OMODA and JAECOO, these two overseas exclusive brands, originally were just names of a car. Because this car became a hit locally, Chery then upgraded the car name to an independent brand. Not pushing the brand hard, but letting the hit product bring out brand awareness on its own. Currently, OMODA and JAECOO have entered markets in 79 countries and regions globally.

The landing in manufacturing and operation is even more substantial. In Europe, Chery activated its first overseas regional operation center in Barcelona and launched the Spanish Research Institute, extending functions like R&D, manufacturing, supply chain, compliance to the local front-end; the joint venture factory with Spanish Ebro Group plans an annual capacity of 50,000 vehicles. In South Africa, Chery acquired the Roslyn Plant and launched a localization production plan, striving to achieve an initial target of 40% vehicle production localization by 2028. Chery's globalization is no longer just selling cars overseas, but growing organizations overseas, building capabilities locally, and leaving contributions locally.

Chinese car companies going global are moving from "Product Going Global" to "Global Operations". In the first three quarters of this year, BGC proved one thing: Chinese car companies are no longer just selling cars overseas, but accelerating towards building systems, factories, and brands locally. This path is harder than pure export, but also more worth walking.