BYD vs Chery: Two Divergent Paths to Global Success

2 million units.

On 7 September, BYD once again revised up its overseas sales target for the year during an analyst briefing. This marks its second upward revision this year——just six months after adjusting the figure to 1.5 million units on 30 March.

In contrast to BYD's high-profile posture, fellow export heavyweight Chery has kept an exceptionally low profile regarding its targets: beyond announcing an overall annual sales goal of 3.2 million units at the start of the year, it has remained tight-lipped about specific overseas targets.

Yet looking at actual deliveries, Chery shifted 1.3433 million vehicles overseas in the first eight months, already matching its entire volume for last year.

On one side stands the established powerhouse that has held the top export spot for 23 straight years; on the other is the fast-charging challenger making aggressive inroads in recent years. One presses quietly ahead, while the other is hot on its heels.

Looking at August deliveries alone, the gap between the two had narrowed to under 10,000 units; broaden the perspective to their first-half earnings, and their overseas performances show distinct respective strengths——

Chery maintained a firm grip on the top spot by sales volume, while BYD took the honours in overseas revenue.

Behind this divergence between unit sales and revenue lies a fundamental difference in their export strategies.

From core model offerings and shipping formats to production site strategies and brand portfolio management, the two carmakers take noticeably different approaches.

In terms of core model line-ups, BYD's overseas shipments consist entirely of new energy vehicles (NEVs), whereas Chery still relies primarily on internal combustion engine (ICE) models. Much like in the domestic market, electrified models command higher price tags abroad. Take the dimensionally similar BYD ATTO 3 (known as Yuan PLUS in mainland China) and Chery JAECOO 7 (Tansuo 06 in mainland China): the former starts at around £39,000 in the UK (approx. RMB 356,000), whilst the petrol-powered version of the latter starts from around £29,000 (approx. RMB 265,000).

When comparing average revenue per vehicle, Chery's book numbers appear somewhat counterintuitive: Chinese brands typically fetch far higher retail prices abroad than at home, yet calculated from Chery's financial reports, its overseas average transaction value actually sits lower than its domestic figure.

This anomaly comes down to shipping logistics. BYD relies mainly on large-scale Completely Built-Up (CBU) exports, whereas Chery increasingly ships Knocked Down (KD) kits for overseas assembly. Under this model, revenue is booked purely on the component value rather than the full vehicle retail price. Looking at retail prices at the showroom level, Chery's overseas models are likewise priced higher than their domestic counterparts.

Their manufacturing site strategies reflect a similar divergence.

To support its KD export model, most of Chery's early overseas facilities were KD assembly plants, with the carmaker even leasing facilities from local manufacturers for contract assembly.

Chery's manufacturing approach was naturally shaped by the era in which it expanded. As one of the earliest Chinese carmakers to venture abroad, its asset-light start ensured rapid capacity roll-out whilst capping capital expenditure and mitigating exposure to risk. Today, as a growing number of countries enforce stricter local content requirements, Chery is shifting towards full-scale vehicle manufacturing plants capable of genuine local production.

BYD has taken the opposite route. Executive Vice President Stella Li, who spearheads overseas operations, has consistently reiterated that manufacturing capacity and plants must remain strictly in-house, free from reliance on external joint ventures or contract assemblers. Looking across its global footprint, most active facilities are proprietary, purpose-built vehicle manufacturing plants. At its core, BYD's domestic dominance has been built upon aggressive vertical integration and operational efficiency; going global simply means rolling out this identical playbook worldwide, transplanting its entire supply chain ecosystem overseas.

The distinction is even more evident in their brand operations.

BYD operates just three brands internationally, whereas Chery has cast a much wider net: alongside its domestic nameplates Chery, Jetour, and Exeed, it has introduced export-specific marques such as OMODA, JAECOO, and LEPAS, in addition to collaborative ventures like TENET, EBRO, and EMTA.

Two main factors explain this difference. First is historical context: in the early days, Chinese carmakers carried little international brand equity, making dedicated new marques far easier for local buyers to embrace. Second is Chery's long-standing operational habit——even on home turf, it has always been known for managing an extensive roster of sub-brands.

However, as Chinese automotive exports reach maturity, more marques are consolidating under a unified global brand identity, as seen in Great Wall Motor's "ONE GWM" and GAC's "ONE GAC" strategies.

Should the current growth trajectory hold, BYD could well overtake Chery in total export volume as early as next year. At the same time, as Chery steps up its overseas NEV offensive, it will unlock fresh upside in both sales volume and revenue.

While delivery charts will inevitably crown a leader, viewed over the longer term, this competition ultimately showcases the collective global breakthrough of China's automotive industry as a whole.