On October 13, it was reported that the State Administration for Market Regulation recently released 6 recall notices involving multiple enterprises including BYD, BMW, Stellantis, and Jaguar Land Rover, totaling over 190,000 vehicles. Meanwhile, the Ministry of Ecology and Environment also announced an emission recall plan for GAC Honda, while Chery Automobile apologized and launched a recall regarding model issues in the Malaysian market. From braking systems to propeller shafts, the defect types covered in this batch of recalls are quite diverse.

BYD: Brake pedal limiting pad batch anomaly

The largest recall in this batch is by BYD. BYD Auto Co., Ltd. is recalling 58,026 Tang series vehicles produced between March 28, 2015, and December 21, 2018, 77,846 new generation Tang DM series vehicles produced between May 19, 2018, and January 14, 2022, and 7,023 new generation Tang EV series vehicles produced between December 27, 2018, and October 25, 2021; BYD Automobile Co., Ltd. is recalling 40,316 Qin series vehicles produced between June 27, 2014, and June 9, 2019.

The reason for the recall is: due to manufacturing issues in some vehicles, the material batch of the brake pedal limiting pad is abnormal. After long-term use, the limiting pad may crack or break. In extreme cases, the limiting pad may detach, causing the brake light to stay on when the brake pedal is not pressed, sending a wrong signal to vehicles behind. The handling method is free replacement with improved limiting pads; vehicles that have already had improved limiting pads replaced do not need to be replaced again.

BMW: Propeller shaft splines may wear excessively

BMW (China) Automobile Trading Co., Ltd. will recall 4,651 certain imported 5 Series vehicles produced between March 15, 2021, and January 27, 2023, starting from November 1, 2026, 27 certain imported 7 Series vehicles produced between June 21, 2023, and January 9, 2025, and 2,403 certain imported 8 Series vehicles produced between March 15, 2021, and November 25, 2025, totaling 7,081 vehicles.

The defect description is: the longitudinal spline connection between the propeller shaft and the rear axle differential may experience excessive wear on the spline teeth surface after long-term use. In extreme cases, this may lead to spline connection failure, power cannot be effectively transmitted to the rear axle differential, causing rear axle power interruption. The handling method is free inspection of the wear situation, replacing the propeller shaft and/or rear axle differential if necessary, and sealing with special adhesive when reinstalling.

Other batches and overseas recalls

Stellantis (Shanghai) Automobile Co., Ltd. is recalling 979 certain imported Wrangler hybrid vehicles produced between September 5, 2023, and March 26, 2024, and 1,178 certain imported new Grand Cherokee 4xe hybrid vehicles produced between July 19, 2023, and October 9, 2023; additionally, 5,593 certain imported S1000RR motorcycles are being recalled. Jaguar Land Rover (Ningbo) Trading Co., Ltd. is recalling 3 certain imported 2022 model Land Rover Defender plug-in hybrid vehicles produced between May 25, 2021, and July 1, 2021, because the high-voltage battery may experience thermal overload, with a risk of fire in extreme cases.

Regarding emission recalls, GAC Honda Automobile Co., Ltd. will recall 985 certain imported Acura TLX vehicles and 3,410 certain domestic Acura TLX-L vehicles, totaling 4,395 vehicles, starting from November 30, 2026. The reason is that the internal sealing ring of the fuel filler tube may be damaged, leading to loose sealing at the fuel filler tube opening and excessive fuel vapor emissions.

Regarding overseas markets, on the evening of October 11, Chery Automobile Co., Ltd. released an explanation regarding OMODA 5 vehicle issues in Malaysia, stating that the model may have issues with insufficient welding strength at local welding positions of the rear axle longitudinal arm. A recall has been launched for 8,878 affected OMODA 5 vehicles, and apologies were made for the inconvenience caused to users.

Conclusion

The defect types involved in this batch of recalls are quite diverse — brake pedal limiting pads, propeller shaft splines, high-voltage batteries, and fuel filler tube sealing rings — indicating that so-called "defects" are rarely single-link problems. For vehicle owners, there are two practical suggestions: first, pay attention to receiving registered mail or manufacturer Connected Drive messages; the delivery method of recall notifications is usually stated in the announcements; second, you can verify whether your vehicle is within the scope through the State Administration for Market Regulation Recall Center website and the customer service hotlines of each enterprise. Additionally, the dilemma of Chery's Malaysia recall this time is worth pondering — under the same set of manufacturing standards, problems in overseas markets will also backfire on the brand's long-term operations locally. The follow-up handling of such events often tests the enterprise's response capability more than domestic recalls.

On October 7, 2026, BYD Executive Vice President and Head of International Business Li Ke publicly stated at the Singapore Milken Asia Summit that BYD plans to surpass Toyota and Volkswagen within the next five years to become the world's largest automobile manufacturer. This is not a temporary slogan; Chairman Wang Chuanfu of BYD has already clearly outlined the plan to "become the largest car manufacturer by scale within five years" at the shareholder meeting in June 2026. Li Ke subsequently further emphasized that this goal will be achieved solely through organic growth, relying neither on the US market nor driving sales through acquiring car companies.

Looking at the current volume gap, Toyota's global sales in 2025 were approximately 11.32 million units, Volkswagen's about 8.98 million units, and BYD ranked sixth with 4.6 million units. In the first half of 2026, Toyota sold 5.39 million units, while BYD's sales for the same period were 1.81 million. The volume gap is still close to three times. To catch up within five years, BYD needs to add over 1 million units in sales annually, making the challenge extremely difficult. However, growth momentum is the core variable: Among the top 10 global carmakers, Toyota's recent compound annual growth rate was only 0.4%, and Volkswagen even declined by 1.3%, while BYD is the fastest-growing automaker. The industry generally believes it is basically unquestionable that BYD will surpass Stellantis, GM, and Hyundai-Kia within two to three years. It is highly feasible for BYD to surpass Volkswagen to become the second largest globally within five years, and whether it can finally catch up to Toyota depends on the future trajectory of the global market.

BYD has clearly stated it will temporarily not enter the US passenger car market, instead shifting its focus to Europe and emerging markets. Factories in Thailand and Uzbekistan are already in production, the Hungary factory is set for mass production in the fourth quarter, and factories in Brazil and Indonesia are also under construction. In September 2026, BYD's overseas monthly sales reached 179,900 units, a year-on-year surge of 153.9%. Its plug-in hybrid models have surpassed Volkswagen and Ford competitors in the European market. Unlike the positioning of traditional automakers, BYD spans multiple sectors including automobiles, energy storage, batteries, and photovoltaics. This full-industry-chain new energy engineering capability is exactly the core confidence behind its challenge to traditional global giants.

Zhiliao Auto/Chen Yi

Recently, Fortune Magazine released the latest Fortune Global 500 list, Chery Automobile ranked 383rd with revenue of 41.778 billion US dollars.

Actually, Chery was already on the Fortune 500 last year, with an even higher rank then, 233rd. The difference is that this year Chery was evaluated independently as a listed company entity. That is to say, although it has been on the Fortune 500 for two consecutive years, the value is different. This year, Chery needs to undergo comprehensive scrutiny from the capital market and the industrial system.

It is worth mentioning that there are 10 Chinese car companies and automotive parts companies that entered the Fortune 500 this year. In addition to Chery, there are BYD, CATL, Geely, SAIC, etc., all of which are well-known. Among them, BYD has the highest rank, with revenue of 111.853 billion US dollars, ranking 91st.

Domestically, BYD is now the truly deserved "number one". Cars sell well, and profits are high. Last year, BYD's new energy vehicle sales reached 4.6 million, topping global new energy vehicle sales for consecutive years, annual revenue was 804 billion yuan, net profit 32.6 billion yuan.

Moreover, it is willing to invest heavily in R&D. For example, in 2025, BYD invested as high as 63.4 billion yuan in R&D, ranking first among A-share listed companies for two consecutive years. So far, BYD's cumulative R&D investment has exceeded 250 billion yuan.

The key point is that BYD's batteries, chips, motors, electronic controls, etc., are all manufactured by itself. Previously, people thought this "doing everything yourself" model was too asset-heavy and too slow. But facts have proven that as long as you can weather the storm, you can use economies of scale to further reduce costs.

What is BYD's moat? Cost and scale. Others spend 100 yuan to build a car, BYD might only need 80; others sell 100 cars a year, BYD can sell 200.

What about Chery? It is another model.

Starting from 2001, Chery had already started selling cars overseas. At that time, most Chinese car companies were still competing domestically. So strictly speaking, Chery can be considered one of the first batch of "going global" Chinese car companies.

Of course, it was indeed difficult at first. In 2001, Chery's export volume did not even exceed 100 units. But it proceeded steadily, continuously expanding its overseas footprint. So far, Chery's business has covered more than 130 countries and regions worldwide, ranking first in export volume of Chinese brand passenger cars for 23 consecutive years.

Chery's "going global" is not a one-off deal. It has 16 production bases worldwide, with over 3,100 overseas dealer outlets. Local manufacturing networks for Chery exist in places like Brazil, Indonesia, Thailand, Malaysia, etc.

Foreign media summarize Chery's "going global" model as "encircling cities from the countryside", which is not wrong. After all, it first established brand awareness in markets with lower thresholds such as the Middle East, Latin America, and Southeast Asia, selling mature fuel vehicle models like Tiggo and Arrizo, before penetrating into high-regulation markets like Europe.

In 2025, Chery exported 1.344 million vehicles, equivalent to one Chery being sold overseas every 23 seconds on average. Total annual revenue was 300.29 billion yuan, breaking the 300 billion yuan threshold for the first time. Net profit was 19.51 billion yuan, overseas revenue was 157.42 billion yuan.

Simply put, Chery has become a Chinese car company where "half of the car sales rely on overseas markets".

More notably, Chery's overall average vehicle price is about 103,500 yuan, while the overseas average vehicle price is 121,600 yuan. For the same car, selling it overseas is nearly 20,000 yuan more expensive than domestically.

So you see, Chery's success logic is simple: if you can't compete domestically, sell it abroad. The path to success is never singular.

Zhiliao Auto original article, please contact us if you need to reprint.

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The electrification window of the global official vehicle market is being torn open by Chinese brands.

In the past, official vehicle procurement was the exclusive domain of joint ventures and foreign brands, especially in scenarios like police work, foreign affairs, and government reception, where requirements for reliability, total lifecycle costs, and after-sales systems are extremely high. Now, BYD is completing bidirectional breakthroughs domestically and internationally on this most valuable track.

First, let's look abroad. The President of Uzbekistan signed a presidential decree, awarding the BYD team the Friendship Medal, which is national-level endorsement. More importantly, the start of the local new energy factory and the selection of BYD for Presidential Palace official vehicles indicate that it has moved from product output to deep system rooting. Over nearly 100 pure electric official vehicles were delivered in Pakistan, marking the first large-scale procurement of new energy official vehicles by the country; the Cape Verde government official vehicle fleet has fully switched to BYD; Hungary and Austria have also integrated BYD into official vehicle systems for foreign affairs reception and police patrols. These orders are not simply selling cars, but rather China's new energy vehicles gaining institutional trust in the overseas government market.

Police vehicles are even more of a touchstone. Philippine police received Dolphin police cars, and Mexican police forces equipped Destroyer 05, and police in many parts of Mexico have already purchased BYD SHARK pickups, Seal, Yuan UP, Seagull, and other models. Police cars must face daily patrols, high-speed pursuits, harsh road conditions, and high-load operations, posing comprehensive tests for three-electric systems, chassis, and active/passive safety. BYD achieving the transition from single-point demonstration to scaled and normalized application indicates that its professional modification capabilities, technology platform reliability, and local service capabilities have been verified through actual combat.

The technical foundation supports all of this. BYD has a dual-line layout of pure electric and hybrid, with second-generation Blade Battery and Flash Charging technology, DM-i hybrid, Sky Eyes ADAS, etc., covering different official scenarios. More noteworthy is the full-category matrix: from Dolphin, Destroyer 05 and other sedans, to Seal, Yuan UP, Seagull and other SUVs and entry-level models, to SHARK pickups, Fang Cheng Bao Titan 7 and other hard-core off-road and police vehicles, BYD achieved seamless coverage from administrative reception, security patrols to emergency response and outdoor rescue. Government vehicle demand is highly complex, a single hit model is not enough, systematized response is the moat.

The domestic market is also stable. Announcements from the China Government Procurement Network show that since the second half of the year, government agencies in many parts of the country have completed bulk procurement of BYD official vehicles. Following the first half of the year where it retained the number one spot in domestic new energy official vehicle government procurement sales with over 22% market share, BYD continues to expand. In the police field, Fang Cheng Bao Titan 7 and other police vehicles have been delivered in bulk in many parts of the country. From being monopolized by joint venture brands to becoming the Chinese option for government electrification, this change is of landmark significance.

Let's look at the global baseline. BYD's 2026 first-half financial report shows overseas sales near 790,000 units, up 67.9% year-on-year, with business covering over 120 countries and regions, topping new energy vehicle brand sales in core markets like the UK, Brazil, Thailand, and winning the domestic new energy vehicle sales champion for four consecutive years. The significance of the official vehicle business is not just incremental sales, but also an amplifier of brand credibility. Once official procurement builds a reputation, it will influence the civilian market's perception of safety, quality, and retention value in reverse.

BYD's official vehicle business has formed a dual-wheel drive of overseas benchmark leadership and domestic continuous expansion: overseas using national-level orders and police field practice to build a high-end image, domestically using government procurement and police matrix to consolidate the baseline. For the automotive industry, official vehicle electrification is not an edge market, but a strategic highland for brand upward trend. BYD is writing Chinese Intelligent Manufacturing into the global government travel system with technical hard power and a full-scenario product matrix. The end point of this road is not just more orders, but the discourse power of Chinese automotive brands on the global high-end track.

According to BYD's 2026 first-half financial report, its overseas passenger car and pickup sales reached nearly 790,000 units in the first half of the year, surging 67.9% year-on-year. Its business covers more than 120 countries and regions worldwide, securing sales leadership in new energy vehicles in core markets such as the UK, Brazil, and Thailand. Building on the high growth of the overall overseas market, BYD is gradually joining official rosters overseas, and the new energy government vehicle business is launching a "flourishing at multiple points" development pattern both domestically and internationally: there is national-level authoritative recognition in Uzbekistan, as well as bulk implementation in markets like Pakistan and Mexico; there is centralized procurement by domestic capital government agencies, and the police vehicle product matrix is continuously being perfected. The government vehicle expansion path of "overseas benchmarking leading, domestic continuous expansion" is becoming increasingly clear.

In my opinion, government and police vehicles represent the highest standards of quality, safety, and reliability for automotive products at the official level of a country. Being able to enter the government procurement systems of various countries is a greater test of a car company's comprehensive strength than selling well in the ordinary civilian market. Recently, President of the Republic of Uzbekistan Shavkat Mirziyoyev signed a presidential decree to award the BYD team the country's national-level medal—the "Medal of Friendship". This honor is the best evidence of BYD's deep cultivation of the Central Asian market. Following the start of production of the local new energy factory and the selection of BYD models for presidential fleet vehicles, this is another high-level recognition given to BYD by the Uzbekistan official, and a vivid example of Chinese new energy vehicles gaining trust in overseas government markets with hard power.

The recognition from Uzbekistan is not an isolated case; BYD's overseas government vehicle layout is extending from benchmark markets to broader regions. Nearly 100 BYD pure electric government vehicles have been delivered and put into use in Pakistan. This is the first time Pakistan has purchased new energy government vehicles on a large scale, making Pakistan a benchmark market for BYD's overseas police vehicle cooperation. At the same time, Cape Verde government fleet has been fully replaced with BYD models, and Hungary, Austria and other countries have also included BYD models in official vehicle systems such as foreign affairs reception.

For the professional niche of police vehicles, working conditions are complex, usage intensity is high, and rigorous requirements are placed on the comprehensive performance of vehicles. BYD's overseas implementation pace continues to accelerate, which is enough to show that the acceptance of domestic new energy products by overseas officials is improving substantially. In September, a batch of Dolphin police cars were delivered to the Philippine police, helping to advance the electrification of local official vehicles. Recently, dozens of Destroyer 05 units officially went into service with the Mexican police force. As of now, multiple models such as BYD SHARK pickups, Seal, Yuan UP, and Seagull have been delivered to police forces in many places in Mexico, adapting to various duty work. The consecutive landing of projects in the Philippines and Mexico marks that BYD new energy police vehicles have moved from single-point demonstration to the stage of scale and normalized application.

In terms of the domestic market, BYD continues to hold the first tier of new energy government vehicle procurement. Information published on the China Government Procurement Network shows that in the second half of the year, government agencies in many places across the country have successively completed bulk procurement of BYD government vehicles. In the first half of the year, BYD secured the first place in domestic new energy government vehicle government procurement sales with a market share of over 22%. The continued procurement in the second half of the year once again reflects the domestic government market's affirmation of the brand.

In the field of police vehicles, police vehicles such as Explorer Ti 7 have been delivered and put into service in many places across the country. BYD has built a full-category product matrix covering sedans, SUVs, and pickups, which can fully adapt to diverse police scenarios such as security patrol, traffic police law enforcement, and emergency response, empowering the electrification upgrade of police travel.

For a long period of time in the past, the global government vehicle track was basically firmly held by overseas joint venture brands; now the situation is changing. I always feel that breaking through the government vehicle market is the important signal for the Chinese automotive industry to truly go global and enter the high-end market. Once long monopolized by joint venture brands, BYD has now become the representative of the Chinese solution for global government electrification. Relying on solid technical strength and good brand credibility, BYD continues to write a new chapter of Chinese intelligent manufacturing, and continues to accelerate the layout pace of Chinese new energy vehicles in the global government market.

BYD's financial report data for the first half of 2026 shows that the company's overseas sales of passenger cars and pickups approached 790,000 units, surging by 67.9% year-on-year. The business footprint has expanded to over 120 countries and regions, claiming the sales crown for new energy vehicles in key markets such as the UK, Brazil, and Thailand. Relying on a strong overseas market foundation, BYD's new energy official vehicle business achieved synchronous breakthroughs domestically and overseas, charting a development path of "building benchmarks overseas and continuously expanding capacity domestically". Batch implementation of projects was achieved in multiple overseas countries, while the domestic government procurement market also firmly remained at the forefront.

Central Asian Market Receives Highest Level Recognition

Not long ago, Uzbekistan President Mirziyoyev signed a presidential decree, awarding the national-level "Medal of Friendship" to the BYD team. This supreme honor is strong proof of BYD's deep cultivation of the Central Asian market. Previously, BYD had realized the production of local new energy factories, and the Presidential Palace also selected BYD models as official vehicles. This medal award is another high-level recognition from Uzbekistan officials to BYD, and also a typical case of Chinese new energy vehicles winning the trust of overseas government markets with solid strength.

Overseas Official Vehicle Map Continues to Expand

Uzbekistan is not an isolated case; BYD's overseas official vehicle footprint continues to radiate outward. Pakistan completed the large-scale delivery of nearly 100 BYD pure electric official vehicles, which was also the first time in the country's history to purchase new energy official vehicles in bulk. Pakistan thereby became an important benchmark market for BYD's overseas police vehicle cooperation. The Cape Verde government official vehicle fleet has fully switched to BYD models; European countries such as Hungary and Austria have also included BYD cars in their official vehicle sequences for foreign affairs reception.

Police Vehicles Enter a New Stage of Scale

As an important sub-track of official vehicles, BYD's overseas implementation rhythm continues to accelerate. In September, a batch of BYD Dolphin police cars completed delivery to the Philippine police force, aiding the local official travel electrification transformation. Recently, dozens of Destroyer 05s were officially equipped to the Mexican police force. Currently, BYD has delivered multiple models including SHARK pickups, Seals, Yuan UPs, and Seagulls to police forces in multiple places in Mexico, fully meeting the needs of various duty work. The continuous landing of projects in the Philippines and Mexico means that BYD new energy police vehicles have moved from scattered demonstrations to a new stage of scaled and normalized application.

Domestic Market Firmly Stands in the First Echelon of Procurement

Turning attention back to the domestic market, BYD still firmly occupies the first echelon of new energy official vehicle procurement. According to public information on the China Government Procurement Network, in the second half of the year, government units in many places domestically completed the bulk procurement of BYD official vehicles. As early as the first half of this year, BYD secured the top spot in domestic new energy official vehicle government procurement sales with a market share of over 22%. Centralized procurement in various places in the second half of the year once again confirmed the high recognition of the government market for the brand.

In the field of police equipment, Fang Cheng Bao Titanium 7 Police Edition was put into use in batches in many places nationwide. Now BYD has built a full-category product matrix complete with sedans, SUVs, and pickups, adapting to various police work scenarios such as security patrol, traffic police law enforcement, and emergency handling, etc., helping domestic police travel complete electrification iteration and upgrading.

Once upon a time, the domestic official vehicle market was long occupied by joint venture brands; today, BYD has grown into a high-quality Chinese solution for global government electrification. The official vehicle track tests product power, safety, and brand credibility. Relying on hardcore technical strength, BYD continues to expand the global government market, showcasing the power of Chinese Smart Manufacturing to the world.

BYD's 2026 first-half financial report shows, during the first half, overseas sales of BYD passenger cars and pickups approached 790,000 units, up 67.9% year-on-year, business covering over 120 countries and regions globally, topping the new energy vehicle brand sales chart in core markets such as the UK, Brazil, and Thailand. On top of the rapidly growing global baseline, BYD's new energy government vehicle business is entering a new stage of "blossoming at multiple points" domestically and internationally: from receiving "national-level" recognition from Uzbekistan, to mass implementation in markets such as Pakistan and Mexico; from bulk procurement by capital city agencies to the gradual perfection of the police vehicle matrix, this "overseas benchmark leading, continuous domestic expansion" government vehicle expansion path is becoming increasingly clear.

Recently, President Shavkat Mirziyoyev of the Republic of Uzbekistan signed a presidential decree, awarding the BYD team the Republic of Uzbekistan's national-level medal - "Friendship Medal". This honor becomes the most powerful testament to BYD's deep cultivation of the Central Asian market. This is following the commissioning of the local new energy factory and the selection of BYD models for presidential official vehicles, another high-level endorsement given by the country's authorities to BYD, and also becoming a vivid microcosm of Chinese new energy vehicles winning trust in the overseas government market through strength.

Recognition in Uzbekistan is not an isolated case, BYD's overseas government vehicle layout is penetrating from benchmark markets to a wider scope. Nearly 100 BYD pure electric government vehicle orders in Pakistan have been delivered and put into use on a large scale, this is Pakistan's first large-scale procurement of new energy government vehicles, marking Pakistan as a landmark market for BYD's overseas police vehicle cooperation. In addition, the Cape Verde government official vehicle fleet has fully switched to BYD, Hungary, Austria and other countries have also successively included BYD models in official vehicle systems such as diplomatic reception.

In this specialized segment of police vehicles, BYD's overseas layout is accelerating further. In September, BYD delivered a batch of Dolphin police cars to the Philippine police, promoting the continued electrification of public official vehicles in the Philippines. Recently, dozens of Destroyer 05s were also formally added to the Mexican police force as police vehicles. So far, BYD has delivered multiple models including BYD SHARK pickup, Seal, Yuan UP, Seagull, etc. to police in multiple places in Mexico, covering diverse duty requirements. The continuous implementation in the two markets marks that BYD's new energy police vehicles are moving from single-point demonstration to large-scale and normalized application.

In the domestic market, BYD also firmly stays at the top position of new energy government vehicle procurement. An announcement on the China Government Procurement Network shows that since the second half of the year, government agencies in many places across the country have completed bulk procurement of BYD government vehicles, this is following BYD retaining the first place in domestic new energy government vehicle government procurement sales with a market share of over 22% in the first half of the year, another affirmation given by the domestic government market.

In the field of police vehicles, Fang Cheng Bao Titanium 7 and other police vehicles have also completed bulk delivery in many places across the country. BYD has built a full-category product matrix covering sedans, SUVs to pickups, capable of fully adapting to diverse police scenarios such as security patrols, traffic police enforcement, emergency response, etc., helping upgrade police transportation to electrification.

From being monopolized by joint venture brands to becoming the Chinese option for global government electrification, BYD is writing a new testament for Chinese manufacturing with hard strength. On this high-end track measuring the comprehensive strength of automobile brands, accelerating the global government layout of Chinese new energy vehicles with technical hard strength and brand credibility.

In September just passed, BYD stood on the sales champion podium again.

However, behind the crown's glory, the comparison of data is striking: domestic sales dropped nearly 13%, overseas sales surged over 153%. BYD's growth engine, from the fierce red ocean competition domestically, shifted to the high-risk blue ocean market overseas.

Wang Chuanfu steers BYD towards the deep blue, but ahead waiting for him are two major challenges that must be overcome.

1. BYD Enters a New Battlefield

In September just passed, BYD sales remained very hot.

Sales and production bulletin shows, in this year September BYD new energy vehicles sold 463,600 units, compared to 396,300 units of the same period last year, a year-on-year surge of 16.99%.

Such dazzling achievements keep BYD far ahead in the industry. At the same time, SAIC Group 406,000 units, nearly 60,000 units less than BYD.

Also Chery 292,300 units, Geely 292,200 units, Changan 228,900 units, Great Wall 114,900 units, all are far from BYD.

It is worth noting that, among BYD's 463,600 units total sales, domestic sales 282,900 units, year-on-year decline 12.97%; overseas sales 180,700 units, year-on-year surge 153.59%.

CPCA data shows, domestic car market September sales year-on-year decline about 25%.

Although BYD domestic sales ran ahead of the general market, the strong contrast of their domestic and overseas sales rise and fall also indicates, when domestic price war sees no end, and plug-in hybrid bonus accelerates to vanish, overseas is no longer a "side plot" to add icing on the cake, but a "main quest" concerning future survival.

Sales growth focus shifts outward, BYD enters a new battlefield.

2. From Making Cars to Making Ships

Leading BYD into this new overseas battlefield, Wang Chuanfu faces two challenges. The first challenge, ships are not enough. Who would have thought, BYD's biggest bottleneck going overseas currently is not cars but ships.

BYD is very hot overseas, if not for transport capacity limits, sales could be increased significantly. To some extent, this is a sweet burden.

As early as 2022, Wang Chuanfu invested 5 billion yuan to order Ro-Ro ships, building a proprietary fleet. January 2024, the first "Pioneer 1" made first voyage to Europe.

Since then, Changzhou, Hefei, Shenzhen, Xi'an, Changsha, Zhengzhou, Jinan ships joined sequentially. A total of 8 ships, annual capacity over 1 million units.

But for today's BYD, such capacity is already far from enough.

This year BYD car export target, jumped from 1.5 million units to 2 million units, next year is as high as 2.5 million units. Existing capacity is like a small boat crossing a river, hard to carry massive volume.

So BYD added again, ordered 10 more Ro-Ro ships, 2027 to 2029 batch delivery.

At that time, BYD's own car transport fleet will expand to 18 ships, annual transport capacity from current 1 million level, jump to 2.5 million level. Export sales constrained by capacity limits, BYD must win this "capacity battle".

3. The Road to Globalization is Still Long

Transport ships transport cars manufactured domestically to overseas markets, building factories abroad means directly making cars locally and selling directly.

With Chinese cars becoming more and more powerful, causing certain impact on car markets in multiple overseas countries, they started requiring Chinese car companies to build factories locally, make cars locally and sell locally, keeping jobs, taxes, etc., also locally.

BYD and other Chinese car companies, while transporting Chinese cars out overseas, also need to invest heavily in building factories overseas.

Toyota with annual sales exceeding 10 million units, why becoming the world's largest car company, mainly rooted in it having factories, suppliers, dealers, financial services and after-sales networks everywhere in the world.

Including Europe, Japan, India and other multiple major car markets, currently all have obvious entry barriers for Chinese cars.

They mainly target vehicles entering local markets from China in export form, surrounding and intercepting Chinese cars through tariffs and other measures.

Japanese car companies like Toyota, when going global back then, also encountered such entry barriers. In the 20th century Japanese cars entered the US at the beginning, also encountered huge political resistance.

So Toyota no longer stuck to the old path of "Made in Japan, Sold Globally", but spread production lines overseas, completing manufacturing and sales locally.

BYD currently also walks this path, accelerating overseas factory investment and construction, such as Thailand and Indonesia factories in Southeast Asia, Hungary factory in Europe, Brazil factory in the Americas, etc.

This is letting BYD take root locally, from "Chinese export car company" changing to "Local car manufacturer". Of course, investing and building car factories is just the first step.

Whether R&D management can integrate, whether after-sales can keep up, whether products can adapt to regulations, unions and consumption habits... BYD has many more things to do.

From "BYD of China" to "World BYD", BYD's globalization speed is fast, but compared to giants like Toyota, there is still a long road to go.

Recently, BYD executives made a bold statement: within 5 years, they aim to surpass Volkswagen and Toyota to become the world's number one automaker.

As soon as this statement was made, many people were shocked: Is BYD that arrogant? Although sales in the Chinese market are decent, the sales gap is undeniable.

Looking at the data, last year, Toyota remained the global number one for the sixth consecutive year with sales of over 10 million units, selling 11.32 million. Volkswagen, Hyundai, and GM ranked second to fourth, selling 8.98, 7.27, and 6.18 million respectively. Stellantis ranked fifth with 5.48 million. BYD ranked sixth globally with sales of 4.602 million, surpassing Ford for the first time and setting the highest historical ranking for a Chinese automaker.

Although the growth rate is fast, from the data perspective, BYD's global sales are still less than half of Toyota's. With such a gap, how can BYD catch up?

However, there is good news. BYD's overseas expansion is accelerating. In the first half of 2026, BYD's global sales reached 1.809 million, ranking sixth globally with a 4.8% market share. Overseas sales were 789,000, a year-on-year increase of 68%, accounting for over 43% of total sales. Brazil is BYD's largest overseas market, with exports of 194,700 in the first half, both pure EV and PHEV routes proving viable. Thailand's pure EV market share reached as high as 78%, while Australia, Philippines, and UAE also achieved scaled output.

Capacity layout is also accelerating. The Szeged factory in Hungary started assembling cars in the fourth quarter. This is BYD's first passenger car factory in Europe. A second European factory is being selected, with France and Spain on the candidate list, planned to be finalized by the end of 2026.

Morgan Stanley predicts BYD's overseas sales in 2026 will reach 1.6 to 1.8 million, a year-on-year increase of 68% to 89%. If this growth rate can be maintained, breaking 5 million in overseas sales within five years is not impossible.

For BYD to overtake Toyota and Volkswagen, it must first face a cruel reality: in terms of profit, the gap is much larger than the sales gap.

In the first half of 2026, Toyota's global sales were about 5.39 million, Volkswagen about 4.126 million, and BYD 1.809 million ranking sixth. In terms of sales, BYD is about one-third of the leader.

But what about profits? Toyota's operating profit for the 2026 fiscal year was about 3.76 trillion yen, equivalent to about 180 billion RMB. Just the first quarter's net profit attributable to shareholders was about 72.37 billion RMB, about 6 times that of BYD, the most profitable Chinese automaker, and also exceeding the combined profits of all 15 listed Chinese automakers.

The gap in profit per vehicle is more intuitive. Toyota's net profit per vehicle is about 17,000 to 22,700 RMB, while BYD's is less than 7,000 RMB. For selling one car, Toyota earns more than twice as much as BYD.

Volkswagen's situation is much worse than Toyota's, with operating profit margin falling to 3.8% in the first half, and net profit after tax down more than 30% year-on-year. But VW's scale remains there — delivering about 4.13 million globally in the first half, still more than double BYD.

This means one thing: For BYD to overtake Toyota and Volkswagen within five years, it's not just about increasing sales; it's about increasing profits alongside sales. Profit improvement relies on brand premium, technical barriers, and global operational efficiency; these things cannot be rushed.

Li Ke specifically mentioned at the summit: BYD is "severely undervalued" on the Hong Kong Stock Market because "BYD is fundamentally an engineering and technology company, not just an automotive company." Placed in this context, this actually means: Don't judge me using traditional automaker valuation frameworks. But whether the capital market buys into it is another story.

Breaking down BYD's goal to overtake Toyota and Volkswagen within five years, several things need to be achieved simultaneously.

First, overseas sales must continue to grow at a high speed. Overseas sales are expected to be 1.6 to 1.8 million in 2026. To support the global number one sales scale in five years, overseas annual sales must reach at least 5 million. This requires full production of European factories, deep cultivation of Southeast Asian and South American markets, and opening up more right-hand drive markets.

Second, profit per vehicle must increase. Currently, profit per vehicle of less than 7,000 RMB cannot support the profit model of the world's number one automaker. Profit per vehicle in overseas markets is typically higher than domestic, which is one of the reasons BYD is fighting hard to go overseas. Morgan Stanley believes that with increased overseas capacity and higher overseas sales ratio, gross margin will see a positive push.

Third, and the hardest point: maintaining a determined pace in an uncertain world. Li Ke has already said, geopolitics is the number one challenge. Markets that can be sold today might be restricted tomorrow; licenses that can be obtained today might be rejected tomorrow. BYD's choice to temporarily abandon the US market is essentially removing uncertainty from the equation and doing only what it can control.

But the strategy of "doing only certain things" comes with a cost: you never know if the markets you actively abandon will become key variables that decide the outcome later. The US market is at a level of 10 million annual sales, and the European market is accelerating its electrification. If the global landscape changes drastically after five years, will lacking a North American hand become a weakness on the path to the top?

Li Ke did not answer this question. She only said: "We hope the operating environment has certainty, clear prospects, only in this way can BYD master the initiative."

We will see in five years. But what is more worth focusing on now is not whether BYD can overtake Toyota, but whether it can achieve both "sales growth" and "profit improvement" under the premise of bypassing the US. The former tests execution, the latter tests brand power. For a Chinese brand to win both battles in the global market at the same time is much harder than competing on price in the domestic market.

From Chinese Speed to Global Systems, the Real Test Has Just Begun

If we view the global automotive industry as a mountain, Toyota has stood at the summit for many years.

Now, BYD has set its sights on the very top of that mountain.

Reuters reported on October 6 that BYD founder Wang Chuanfu stated at an investor meeting in June this year that the company aims to become the world's largest automotive manufacturer around 2030. This means BYD ultimately cannot bypass Toyota—this automotive group which sold approximately 11 million units last year and has been operating globally for decades.

But the question truly worth discussing is not: When can BYD sell 11 million units?

But: Even if BYD surpasses Toyota in sales figures one day, has it truly surpassed Toyota?

The answer is far more complex than a ranking list.

The Chinese Market Has Proven BYD Can Produce More Cars, Faster

BYD's first exam in the Chinese market was mass manufacturing.

In September 2026, BYD's global new energy vehicle sales reached 463,561 units, up 17% year-on-year. Among them, overseas sales of passenger cars and pickup trucks reached 179,877 units, up 153.9% year-on-year. Exports are becoming an important lever for BYD to hedge against domestic competition.

These figures show that BYD is not only the largest new energy vehicle enterprise in China but also begins to possess the ability to continuously expand overseas.

Its biggest pressure point for traditional automakers in the past was speed.

Product development is fast, supply chain response is fast, integration of batteries and electric drives is fast, model updates are fast, and price adjustments are also fast. The fierce competition in the Chinese market has pushed this speed to unprecedented levels.

But the hardest thing in the automotive industry has never been expanding sales volume in a familiar market, but taking the same capabilities to completely different countries and still being able to make stable profits.

What Toyota is Truly Good At Has Never Been the Number 11 Million

If Toyota's strength was only sales, catching up would not be as difficult as imagined for BYD.

Toyota's moat is the global system behind 11 million units.

It can sell cars in the US, in Japan, in Europe, Southeast Asia, the Middle East, and Latin America; more importantly, it doesn't just load cars produced in Japan onto ships to ship out, but has factories, suppliers, dealers, financial services, and after-sales networks in many countries.

After consumers buy a Toyota, they can still find parts, repair personnel, and second-hand car buyers years later. When local governments discuss trade policies, they must also consider the employment, tax revenue, and industrial chain already created by Toyota.

This system was built over decades. It turned Toyota from a Japanese brand into part of the automotive industry in many countries.

What BYD is challenging now is exactly this layer of capability.

BYD's First Wall: The World is Not as Open as the Chinese Market

Reuters analysis points out that three major automotive markets, the US, Japan, and India, currently have obvious entry barriers for BYD, accounting for about one-quarter of global passenger car sales combined.

Europe has already added extra tariffs on BYD cars manufactured in China, Brazil has increased the tax burden on imported new energy vehicles, and the UK is also discussing stricter protective measures.

This means the closer BYD gets to Toyota, the greater the resistance it might encounter.

Toyota also encountered trade friction when going global in the past. In the 1980s, the large influx of Japanese cars into the US also triggered political pressure. Toyota's key choice later was to stop just shipping cars made in Japan globally, but to go globally to manufacture cars.

BYD is walking the same path. Overseas production layouts like Hungary and Brazil are not only to save transportation costs, but also to transform BYD from a "Chinese export enterprise" to a "local automotive manufacturer".

But building an assembly plant is just the starting point. Whether suppliers are localized, whether R&D and management can integrate locally, whether after-sales support keeps up, and whether products can meet local regulations, unions, and consumer habits, will all determine whether this factory ultimately becomes a real overseas business.

Second Wall: Brand Residual Value and Long-term Trust

One of the strongest competitive methods of Chinese new energy vehicles is rapid updates.

Annual model changes, biennial model replacements, configurations constantly increasing, prices constantly dropping. In the Chinese market, this speed stimulates consumers and forces automakers to continuously improve.

But in mature automotive markets, consumers consider not only how cheap it is to buy today, but also ask: How much is it worth in three years? Can it still be repaired in five years? Are parts easy to find? Will dealerships exit? Will the brand continue to operate?

One of Toyota's true strengths is that consumers believe its cars still have value years later, and repair networks won't suddenly disappear.

This trust cannot be built with a single launch event. It requires long-term ownership volume, stable services, and cross-cycle brand management to support.

BYD is rapidly accumulating overseas sales, but overseas ownership volume, second-hand car residual value, financial systems, and dealer profitability all need time to verify.

Third Wall: Can Chinese Speed Become Global Speed

In China, one decision can rapidly cover the whole country; globally, every market has its own rules.

Crash regulations, data security, software certification, union systems, dealer laws, environmental requirements, and consumer habits will all slow down product development and operating rhythms.

This is not a matter of efficiency levels, but that globalization itself requires more coordination costs.

BYD must prove not only how many cars Chinese speed can produce, but whether this speed can run simultaneously in dozens of countries, maintain quality under different regulatory environments, and deliver stably when local supply chains are not mature.

This is also the gap most companies face most easily when going from domestic to global: domestic advantages are fast decision-making and fast manufacturing, while overseas competition requires compliance, organization, channels, and services to speed up together.

The Final Exam: Can We Make Stable Profits

The automotive industry is ultimately not a sales competition, but a business competition.

If a car sold out doesn't make money, the larger the quantity, the greater the cash flow pressure sometimes can be. Toyota has experienced oil crises, financial crises, yen fluctuations, chip shortages, and the pandemic, yet still retains cross-cycle operating capabilities. This is the part most difficult for it to replicate.

BYD is still in a high-speed expansion stage, while simultaneously dealing with price competition in the Chinese market, overseas factory investment costs, and trade costs in different countries. Even in the future if news appears of "BYD sales surpassing Toyota", what the industry truly cares about won't be just who is number one in sales.

Everyone will continue to ask: Whose profit is more stable? Whose overseas factories are more mature? Whose dealers are more willing to follow? Whose second-hand cars hold value better? Who can continue to invest in R&D and service in the next crisis?

These questions determine who the real global number one is.

What BYD Truly Needs to Overcome is Toyota's Globalization Capability

Forty years ago, China's automotive industry research looked at Japan; twenty years ago, Chinese consumers bought Japanese cars in large numbers; today, Japanese automakers start adopting Chinese new energy supply chains, while BYD openly discusses when to surpass Toyota.

This looks like a story of "student challenging teacher", but the automotive industry has no graduation exam, nor is there a sales figure that can declare who will win forever.

The most important lesson Toyota leaves for China's automotive industry might be exactly this: Being global number one is never about selling the most cars in a single year, but that decades later, there are your factories in the US, your suppliers in Europe, your dealers in Southeast Asia, and after consumers buy the first car, they are willing to come back to buy a second one.

So, the day BYD truly surpasses Toyota is not when monthly sales first cross a certain number, but when an ordinary consumer in Brazil, Germany, the UK, Thailand, or the Middle East is preparing to buy a car, they will naturally put BYD into their selection list as they did with Toyota in the past.

Only then will the Chinese automotive industry have truly climbed over the mountain of Japanese automobiles.

Now, BYD has reached the steepest part at the foot of the mountain. The next challenge is not to build more cars, but to turn a Chinese enterprise into a real global automotive group.

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Previously, at a delivery ceremony that wasn't very grand. BYD Vice President Liu Xueliang and Japanese Company President Atsushi Tokufuji stood in the store and handed the key of the 10,000th car to the owner. This car is the Sealion 06.

10,000 units. This number placed in the domestic market is not enough for BYD Ocean Network to sell in one hour. In BYD's September monthly sales of 396,000 units, it doesn't even count as a fraction. But the weight of these 10,000 units lies not in the numbers, but on the land of "Japan".

The Graveyard for Outsiders

First, a piece of trivia: Over the past 30 years, the share of imported cars in the Japanese market has never exceeded 10%.

Japan is the most closed car market in the world, without a doubt. Toyota, Honda, Nissan, Suzuki, and these local brands hold over 70% of the share. Consumers have a trust bordering on faith in cars from their own country. Ford withdrew, Vauxhall withdrew, Hyundai also withdrew. These giants, who rule the roost globally, came up with nothing in Japan.

What's more troublesome is electrification. Japan's pure electric penetration rate is only around 1.4%, charging facilities are few, consumers are conservative, and subsidy policies favor local brands. Selling EVs here is like selling umbrellas in a desert—you have to create the demand yourself.

In January 2023, BYD opened its first store in such a market.

A Curve of Constant Acceleration

Then look at the report card BYD submitted.

2023, 1,446 units. 2024, 2,221 units. 2025, 3,742 units, up 68% year-on-year. Entering 2026, the pace sped up significantly: First half registration volume 2,334 units, up 42.7% year-on-year. August single month orders 1,260 units, setting a new historical record.

Three years of consecutive growth, and the acceleration is getting faster. The shape of this curve is more important than any single data point—it shows that Japanese consumers' acceptance of BYD is not a novelty pulse, but trust accumulated through word-of-mouth and step-by-step.

Trust is the most scarce currency in Japan. Japanese consumers don't look at ads for cars, they look at reputation. A brand must survive a long observation period before being added to the car buying list. BYD survived this observation period in three years and nine months. Liu Xueliang said at the ceremony that the first 10,000 units took nearly four years, the next 10,000 will be much faster. These words are not mere pleasantries; the curve has already been drawn.

The Gap Torn Open by the Seal

BYD's turning point in Japan is the Seal.

This coupe launched in Japan in June 2024, priced from 5.28 million Yen, competing neck-and-neck with the Tesla Model 3. It did not take the low-price route; it went straight into the main battlefield of Japanese sedans.

What happened next even Japanese people didn't expect. The Seal won the grand championship of the "Japan EV Awards" for two consecutive years, and was selected for the top 10 "Japan Car of the Year 2024-2025"—alongside it on the list were Toyota Land Cruiser 250, Lexus LBX, these local giants. Blade Battery plus CTB body structure was awarded the "Annual Technology Award" by the Japan Automotive Research and Journalism Conference, scoring the highest score.

What's most exaggerated is Nikkei BP Inc. This largest professional publishing house in Japan tore a Seal apart inside out, wrote a 494-page report, priced at 880,000 Yen—over 40,000 RMB, enough to buy half a Qin. Selling a book at this price became industry news, showing the Japanese industry really wants to understand: where exactly Chinese EVs are advanced.

Sales can be accumulated slowly, but professional recognition cannot be bought. What the Seal helped BYD get is something deeper than orders—respect.

The Otter, Aimed at the Japanese Core

If the Seal was a key, then the Otter Racco launched late July walked straight into Japanese households.

What is a K-car? A unique Japanese lightweight vehicle specification, selling 1.67 million units a year, accounting for 30-40% of the entire new car market. This is an exclusive territory Japanese car companies have cultivated for decades, foreign brands have never touched—not that they didn't want to, they couldn't. Regulations, dimensions, usage scenarios are all Japanese characteristics. Without developing a car specifically for it, there isn't even an entry ticket.

BYD truly developed a car for it from scratch. The Otter is not a revamped Chinese model; it is designed from scratch strictly according to K-car regulations, unique among global foreign brands. Orders broke 1,000 in two weeks post-launch, accumulated about 1,500 units by end of August. August single month contributed about 80% of BYD's orders in Japan. Two months post-launch, orders are about to break 2,000 units. Top-spec version share is as high as 85%—Japanese people aren't looking for a bargain, they truly like it.

More worth pondering is the next step: Otter has officially announced going out of Japan, first to Macau, China and Sri Lanka. Subsequently will expand gradually with RHD markets as the core.

Understand? Japan is not just a sales market, it has become BYD's RHD strategy R&D base and touchstone. A car that can be developed through K-car regulations, going to RHD markets in Southeast Asia, South Asia, Oceania is a dominating strike.

Putting These 10,000 Units into the Big Picture

September, BYD New Energy sales 396,000 units, among which overseas sales 71,000 units, doubling year-on-year growth 107%. First nine months, overseas cumulative sales have exceeded 700,000 units, accounting for more than 20% of total sales. First half year overseas revenue 181.3 billion Yuan, accounting for 52.6% of total revenue, exceeding domestic for the first time. Management revealed, overseas unit profit about 20,000 Yuan, far higher than domestic sales. 2027, overseas target is 2.5 million units.

In this big plate, Japan's 10,000 units is less than 0.2%.

But overseas expansion has two types. One is loading cars onto ships to ship out, sell if it moves, switch places if it doesn't, this is trade. The other is diving into a country, researching its regulations, its streets, its consumers, building cars specifically for it, building channels, building after-sales, building trust, this is rooting.

The former produces volume, the latter produces brands. BYD building factories in Brazil, Indonesia, Hungary solves capacity and tariffs; in Japan sticking to K-car, solves another issue—proving it has the ability to forward-develop and operate locally in the world's most picky market. Once this capability runs through, it can be replicated to any market in the world.

Auto Web Review: So the significance of these 10,000 units has never been in Japan itself. The ceiling of the Japanese market is visible to the naked eye, but what BYD practiced here has no ceiling: A forward-development process for unfamiliar markets, a methodology from "exporting Chinese models" to "providing customized solutions for the local area", and a signboard of extremely high value—Even Japanese people recognize Chinese EVs, do consumers in other markets still need to hesitate?

Three years and nine months, 10,000 units. BYD, in the world's most closed market, used the clumsiest but most solid method to gnaw the hardest bone. The next 10,000 units will come much faster. And what is more worth looking forward to than the next 10,000 units is the day the Otters swim towards global RHD markets. Looking back then, this small delivery ceremony in Hiratsuka City will be a prologue to a bigger story.

Budapest Airport, Zhang Xue saw the BYD advertisement on the control tower through the glass next to the smoking room and took out his phone to film a clip. He did not read from a script, nor did he mention any collaboration; he only gave a thumbs-up to the camera: "I am now in the smoking room at Hungary Airport, let me show everyone Brother BYD! Amazing!"

This statement is very direct, yet more penetrating than many brand films. The person filming the video is not an ordinary traveler, but a Chinese entrepreneur working on motorcycles and mastering powertrains. Someone who competes with foreign technology in the motorcycle track, seeing another Chinese company occupy an advertising spot at a European airport hub, his reaction was not mere politeness, but a fellow professional recognizing a peer.

Netizens noticed that he uses a BYD Qin L for daily commuting, teasing him that "motorcycles are built wilder than anyone, cars are used more frugally than anyone". Behind the joke is an interesting contrast: Zhang Xue's motorcycles and BYD take different paths, one is independent R&D of motorcycle powertrains, the other is full-stack independent R&D of new energy vehicles, but the underlying logic is similar — holding key technologies in hand, exchanging long-term investment for influence. Both sides have no business cooperation, this like is more like a real sample. When a Chinese brand is seen overseas, who sees it first? It is seen by people who understand technology, have done manufacturing, and know where the difficulties lie.

An airport control tower is not an ordinary billboard. It stands at one of the nodes with the densest cross-border traffic, serving as a hard entry for brands to enter the local public view. The fact that BYD put ads here indicates that going global is no longer as simple as loading cars onto car carriers, but establishing presence, channels, and awareness in the European market. From January to September 2026, BYD's overseas cumulative sales of passenger cars and pickups reached 1.3378 million units, covering over 120 countries and regions. Numbers indicate scale, the control tower ad indicates another matter: it begins to compete for "brand landmarks".

Relying on technologies such as Blade Batteries, DM-i Super Hybrid, and Flash Charging, BYD has already achieved results in markets such as Brazil, Singapore, and Thailand. A chance encounter reveals that Chinese intelligent manufacturing is moving from product globalization to brand visibility. Zhang Xue's thumbs up is recognition of peers and resonance with China's long-term investment in the real economy.

The control tower ad is still lit, and Zhang Xue has already boarded the plane. There is no script in the video, just one sentence "Brother BYD, Amazing". In the comments section, some recognized the Qin L, others added "Motorcycles built wild, cars used frugally". A Chinese brand is seen in Budapest, first seen by another Chinese entrepreneur. If there are more moments like this, the word "going global" is not just numbers in the financial report.

Recently, well-known domestic motorcycle brand founder Zhang Xue was waiting for a flight at Budapest Airport in Hungary. He happened to look out the window and captured a moment where a BYD brand advertisement appeared on the airport control tower. He spontaneously filmed a short video to praise BYD's global expansion, saluting Chinese intelligent manufacturing from afar.

In the video, Zhang Xue gave a thumbs-up to the control tower advertisement and said directly: "I am now in the smoking room of the Hungarian airport. Let me show everyone Brother Di! Amazing!" After this content was published, it quickly triggered resonance among netizens. Many netizens also noticed in his video that Zhang Xue's daily commuter vehicle is indeed the BYD Qin L, and folk jokes tease him: "He builds motorcycles wilder than anyone, and drives cars more economically than anyone."

As an industrialist deeply cultivated in the power self-research track, Zhang Xue's motorcycles have long tackled powertrain technology, persisting in breaking overseas technology monopolies; while BYD also takes full-stack self-research as its foundation. Two Chinese industrialists from different tracks, due to their persistence on long-termism and independent innovation, created a wonderful distant resonance. It is worth noting that Zhang Xue is a BYD natural advocate. The two parties currently have no form of commercial cooperation. This salute stems from a domestic industry entrepreneur who understands technology, feeling pride from the heart when seeing the strength of Chinese enterprises abroad.

This control tower advertisement recorded by the lens is not just a brand exposure, but a vivid microcosm of BYD rooting itself in the European market.

Looking at the globe, BYD's global expansion steps are moving steadily forward, with business covering over 120 countries and regions, and overseas market growth momentum continuing to release. Latest data shows that from January to September 2026, BYD passenger cars and pickups overseas cumulative sales reached 1.3378 million vehicles, with overseas becoming an important growth engine. Relying on self-developed core technologies such as Blade Battery, DM-i Super Hybrid, Flash Charging, BYD passenger cars, commercial vehicles, and energy storage businesses are blossoming in multiple points, achieving bright results in multiple markets such as Brazil, Singapore, and Thailand.

Once an accidental transnational encounter becomes a vivid footnote of Chinese industrial innovation. Behind the traffic is the public's growing sense of recognition for domestic independent innovation. BYD's overseas road is not only products and technology going global, but also taking the spirit of Chinese manufacturing down-to-earth and continuously tackling hard problems to the global stage.

In the future, BYD will continue to use self-research strength to explore the international market, and also looks forward to working with more Chinese innovation companies to convey Chinese intelligent manufacturing value to the world.

463,600 units. BYD's single-month sales volume in September hit a new high for the year. But more worth analyzing than the total is that nearly 180,000 units were sold overseas—two and a half times the figure from a month ago. When a car company's 'money bag' starts moving from domestic to overseas, this is no longer just sales news, but a shift in business model.

First, let's clarify the numbers. BYD sold approximately 463,600 new energy vehicles in September, a year-on-year increase of about 17%; among them, overseas sales (passenger cars and pickups) reached about 179,900 units, a huge year-on-year increase of 153.9%, accounting for nearly 40% of total sales. Breaking down the extra 67,000 units from the September year-on-year increase, about half came from overseas—meaning for every additional car sold domestically, one more was sold overseas. Looking at January to September, BYD's overseas cumulative sales reached about 1.3378 million units, a year-on-year increase of about 90.7%, with overseas sales share exceeding 40%.

This incremental structure is key—it shows BYD's growth engine is switching from 'volume created by domestic competition' to 'volume seized from overseas'. No matter how fierce the price war in the domestic market, BYD has this overseas cushion.

But what's more explosive than sales volume is the reversal of revenue structure. BYD's overseas revenue in the first half of 2026 was approximately 181.268 billion yuan, a year-on-year increase of about 33.9%, accounting for about 52.57% of total revenue—for the first time in history, overseas revenue exceeded domestic. Some reports calculate that BYD's overseas average vehicle revenue is about 184,400 yuan, about 1.45 times that of the domestic market, with a significantly higher unit price.

This is the true turning point. The domestic new energy vehicle market has become a red ocean, with price wars compressing vehicle profits to extreme thinness; whereas overseas, the same cars can sell for much higher unit prices. In other words, BYD is not just selling cars abroad, it is moving the 'profit cow' abroad—domestic operations focus on scale and market share, while overseas operations focus on profit and valuation logic.

So how was this wave of going global implemented? Not by hard-forcing through sea transport, but by bypassing tariffs through localized factory construction. Public data shows that BYD's Rayong, Thailand factory was its first overseas passenger car base, with a designed annual capacity of 150,000 units. In two years since production started, local cumulative deliveries have broken 130,000 units, with 5 models produced locally; the Brazil factory went into production in 2025, initial annual capacity 150,000 units, continuing to expand, serving Latin America; on the Europe side, the Szeged, Hungary factory has started pilot production with a target of mass production by year-end, with a planned annual capacity of about 200,000 units, being BYD's first foothold in the EU; the Turkey factory is also planned to land, although it is not an EU member, it has a customs union with the EU, just right for radiating the European market.

This 'localized factory construction' strategy is essentially trading heavy assets for tariff permits—in the background of the EU imposing additional tariffs on Chinese electric vehicles, relying on whole vehicle exports to force through is becoming harder. Some car companies calculate that tariffs in Europe and the US alone eroded over 10% of costs. BYD started laying out overseas factories two years in advance, and now it is just in time to handle this export volume surge.

(Of course, this path of going global is not paved with flowers. Some industry reviews mention that even this September overseas increment was 'blocked at sea' due to insufficient capacity—sea shipping schedules, RoRo ship capacity, destination port logistics, all are bottlenecked links.)

This is a typical 'happy problem'—demand runs ahead, while capacity and local production cannot keep up. Short-term this is a growth constraint, but long-term it is actually good, indicating overseas demand is real and sustainable, not a one-time volume spike. What really needs monitoring is whether factories in Thailand, Brazil, Hungary, etc., can ramp up production on schedule, turning 'cars blocked at sea' into 'cars parked in dealer courtyards'.

For consumers, the direct impact of this is actually not great—you are still buying that same car, that same domestic after-sales network. But there are two indirect signals worth noting. First, BYD sells cars abroad at higher prices with thicker profits, meaning it has more confidence to withstand price wars domestically, which is a benefit for domestic buyers; Second, when a car company tilts its focus overseas, its resource allocation and new product rhythm in the domestic market may also be fine-tuned, the attention domestic consumers can get might not always be 100%. However, this is all for later, in the short term BYD's domestic basic foundation will not loosen.

This round of BYD's 'overseas revenue first exceeding domestic' is a landmark node for the Chinese automotive industry moving from 'product going global' to 'capacity going global, brand going global'. For those waiting to buy BYD, don't think the domestic market will be neglected because it is 'busy going global'—on the contrary, money earned overseas will feed back into domestic R&D and pricing.

What you need to do is return to your own budget and scenarios: valuing cost-effectiveness and selection range, BYD domestic models are still the top tier worth test driving in the 200,000 yuan price range; just next time when you see its news, remember not to only stare at the domestic sales list—this company's story has already been written half in overseas.

October 1st, BYD released the Production and Sales Bulletin for September 2026. Data shows that the company's global cumulative sales from January to September reached 3.1316 million units, a 3.94% year-on-year decline, but September's single-month sales rebounded strongly to 463,600 units, a 16.98% year-on-year increase, and a month-on-month increase of approximately 11%, showing a trend of "low beginning, high ending, monthly recovery". The overseas market became the biggest incremental engine, with overseas sales of passenger cars and pickups reaching 179,900 units in September, a 153.9% year-on-year increase, accounting for 38.8% of total overseas sales. Against the backdrop of intensifying industry competition and a 20.8% year-on-year drop in overall domestic passenger car retail sales, this performance report presents structural changes of "leading overseas, pushing high-end, expanding flash charge volume".

Brand Structure: High-end brand share surpasses 12%, Fang Cheng Bao stands on the 40,000-unit mark for two consecutive months

Individually, Dynasty Network and Ocean Network sold 394,900 units in September combined, up 11.01% year-on-year, continuing to bear the sales basic platform. Regarding high-end brands, Fang Cheng Bao sold 43,200 units in September, up 79.02% year-on-year; Denza sold 18,200 units, up 46.68% year-on-year; Yangwang sold 389 units, accounting for 13.32% of the group.

From a cumulative data perspective, the combined sales of Fang Cheng Bao, Denza, and Yangwang from January to September 2026 reached 408,400 units, up 56.3% year-on-year, with the share of total group sales rising to 13.04%, as the upsaling strategy continues to deepen. Fang Cheng Bao's performance was particularly outstanding, with 285,400 units delivered cumulatively from January to September, standing steadily on the 40,000-unit mark for July, August, and September, officially entering the "40,000 monthly sales tier".

The significance of upsaling lies not only in sales figures, but also in the reshaping of brand perception. When the combined share of the three high-end brands rose from about 9% in the same period of 2025 to 13.04%, BYD is proving itself capable of achieving extreme cost-performance in the mainstream market of 100,000-200,000 yuan, while also establishing product definition rights and brand premium power in the price range above 200,000 yuan.

Overseas Market: From "Incremental Engine" to "Half the Share"

The explosion of the overseas market is the most significant structural change for BYD in 2026. From January to September, overseas cumulative sales of passenger cars and pickups reached 1.3378 million units, up 90.7% year-on-year. Overall, overseas sales share has exceeded 40%. Earlier data shows that BYD's overseas revenue in the first half of 2026 reached 181.3 billion yuan, accounting for 52.57% of total revenue, surpassing domestic revenue for the first time in history. This is a landmark turning point, meaning BYD is no longer just a Chinese automaker, but a global one.

The strategic significance of the overseas market is reflected in three levels. Firstly, optimization of profit structure. The overseas average unit price is about 190,000 yuan, nearly 50% higher than domestic, directly driving the improvement of the overall gross margin level. In the first half of 2026, the gross margin of BYD's auto business was 22.33%. Secondly, the switch of growth engine. In an environment where the domestic price war continues and the industry's total retail volume shrinks, the overseas market provides incremental space independent of domestic competition. Citi gave BYD HK shares a target price of 142 HKD, with a potential increase of about 71%, and the capital market has given explicit recognition to the globalization logic. Thirdly, the deepening of localization operations. Factories in Thailand, Uzbekistan, and Brazil have been completed and put into production, with the Hungary factory to follow soon. The Brazil factory has an annual capacity of about 250,000 units. BYD's new energy vehicles have entered 121 countries and regions globally, with 8 self-owned RoRo ships put into operation. The overseas strategy is accelerating its shift from "product export" to "local manufacturing".

Annual Outlook: 5 Million Unit Target Difficult to Achieve, Steady with 2025's 4.6 Million Units Hopeful, Flash Charge Strategy Builds Systematic Barriers

Based on the cumulative sales of 3.13 million units from January to September, BYD needs to complete approximately 1.5 million units in the fourth quarter to match 2025 levels, corresponding to an average of about 500,000 units per month in Q4. Considering Q4 is the traditional peak season and the delivery pace of flash charge models continues to accelerate, this goal has a foundation for realization. It is estimated that 2026 will have about 1.9 million units, with growth expected to be 90%, domestic sales about 2.7 million units, down about 24% year-on-year, with growth contributed by going overseas.

Supporting this expectation is BYD's systematic layout at the product, technology, and infrastructure levels.

New products are being launched intensively. The Dynasty Network flagship sedan "BYD Grand Han" officially launched on October 13th, with a pre-sale price of 249,900-299,900 yuan, the pure electric version's highest CLTC range reaching 1008km, equipped with Yunjian-A dual-chamber air suspension, positioned as a key product for brand upward breakthrough. The Fang Cheng Bao S Series, first equipped with BYD Smart Ecosystem 2.0, launched on September 16th, exploring the personalized high-end market with the cabin concept of "customizable, evolvable, growable". Regarding the Ocean Network, Seal 08 debuted at the Chengdu Auto Show, and the Song Ultra EV, equipped with the second-generation Blade Battery and flash charge technology across the series, officially launched. The second-generation Seagull ("Seagull General") size significantly lengthened, motor power increased from 55kW to 95kW, expected to launch before year-end, expected to further push flash charge and smart driving capabilities down to the 70,000 yuan level market.

The flash charge strategy is accelerating. As of September 24th, BYD has cumulatively built 11,586 flash charge stations, covering 341 cities nationwide and 278 expressways, with the "11 vertical, 11 horizontal" expressway mainline flash charge network basically formed. The 2,000th flash charge expressway station was completed in September at the Baoying Service Area on the Beijing-Shanghai Expressway, completing the annual expressway station construction goal ahead of schedule. The company plans to complete the construction of 20,000 flash charge stations nationwide by the end of 2026, while steadily promoting the global layout of 6,000 overseas flash charge stations. The refueling experience of "5 minutes to fully charge, 9 minutes to be full, only 3 minutes more at -30°C" is transforming charging efficiency from a user pain point into BYD's systematic competitive advantage.

Tech inclusivity continues to deepen. Divine Eye 5.0 integrates reinforcement learning capabilities on the basis of full closed-loop end-to-end, implemented in Song Ultra EV and other models, providing high-order smart driving experience at the 150,000 yuan price level. The second-generation Blade Battery passed the 10x new national standard bottom impact test and 4x new national standard thermal diffusion verification, with cell lifetime warranties, further raising the technical threshold at the safety and lifespan levels. From smart driving inclusivity to flash charge rollout, BYD is injecting frontier technologies into mainstream price bracket products in a scaled manner, forming a positive cycle of "Technology Leading - Scale Diluting - Price Inclusivity - Sales Feedback".

From "Domestic Led" to "Global Dual Wheels", from "Cost-Performance Label" to "Upscaling Realization", from "Product Competition" to "Flash Charge Ecosystem Barriers", the sales structure changes in BYD's first three quarters of 2026 reveal the deep transformation an automaker is undergoing after reaching peak scale. When overseas revenue first surpassed domestic, high-end brand share broke through 12.8%, and the flash charge network grew from zero to over 10,000 stations, BYD's growth logic is no longer relying on price competition in a single market, but is built upon three pillars: globalized capacity, tech inclusivity, and infrastructure ecosystem. The Q4 peak season performance will be the key window to test whether this logic can fulfill the annual goals.

Recently, on the pitch of the Spanish Brava Cup youth training tournament, a breakthrough moment belonging to Chinese teenagers took place. In this high-level youth competition gathering youth academies of European giants such as Barcelona, Atletico Madrid, and Espanyol, with a total of 67 teams participating, the China Football Juniors 2018 Team, long supported by BYD, remained undefeated through 9 grueling matches. They defeated Messi's Cornella Youth Team on penalties in the final to win the tournament championship, once again rewriting the record for Chinese youth football overseas. Behind this summit achievement of the youth, it is not merely a victory in a competition, but a resonance of two narratives of struggle: the journey of a group of Chinese teenagers breaking through external prejudice to chase dreams, and BYD's story of reversing the situation from catching up to leading, growing into a global top new energy brand, both crowned here in a double sense.

From winning the Thailand Asian Youth Championship Cup, to earning honor at the Italian "Little World Cup", and now conquering the Spanish Brava Cup, the overseas journey of this group of teenagers has long surpassed the competition itself. The raising of the five-star red flag again and again at overseas venues has broken the entrenched stereotypes held by outsiders regarding Chinese youth football: Chinese children are not lacking in football talent; what they often lack is a practical stage to face world-class rivals. The meaning of victory lies not only in medals but in using practical combat to prove the viability of civilian youth training models, providing a realistic reference for the development of youth football in China.

Behind the teenagers' dream-chasing is a long-term companionship that does not pursue short-term traffic. Unlike marketing sponsorships that join only after winning the competition, BYD's support began when this team had not yet gained widespread attention and was in a low point. This cooperation was not limited to simple financial infusion at the funding level but accompanied the team through training in Asian venues, traveled far to Europe to face world-class teams, built a channel for the teenagers to reach international stages, and went to share football glory with the youth. This choice of "holding up dreams in silence" precisely reflects BYD's own developmental background.

In the past, BYD, facing an industry landscape where foreign brands monopolized the market and built high technical barriers, once found its steps difficult and cultivated quietly. Without innate advantages and certainly no shortcuts to follow, just like football juniors stepping onto the world stage for the first time to face elite rivals, they adhered to their original aspirations amidst questioning and prejudice and broke through and innovated through day-by-day polishing. From racing hard in the era of fuel vehicles to deeply cultivating the new energy track today, overcoming core technologies such as batteries, motors, and electronic control, and then breaking the monopoly of overseas brands, topping the global new energy vehicle sales champion, and growing into a Chinese automobile brand renowned globally.

Looking back at BYD's development journey, it is also a history of struggle, taking root amidst questioning and breaking through amidst deep cultivation. In the past, foreign brands firmly occupied the dominant position in the market, core technical barriers were high, and the breakout path of local automakers was full of obstacles. BYD did not choose shortcuts; just like football teenagers traveling far to Europe to face elite clubs, they polished technology with a calm heart under industry prejudice and competitive pressure. From racing hard to bridge the industry gap in the fuel era to anchoring the new energy track, overcoming a series of core technical difficulties such as batteries, motors, and electronic control, breaking the technical and market hegemony of overseas brands step by step, finally topping the global new energy vehicle sales peak, and growing into a Chinese automobile brand with global influence.

The growth of youth football and the breakthrough of China's manufacturing industry share highly similar underlying logic: behind all the glamorous championships, there is day-by-day sedimentation and persistence. The victory of the football juniors is not an accidental upset; it is the result of training and polishing technology day by day, accumulating mentality and experience by facing strong enemies overseas time and again; BYD being able to stand at the top of the global new energy industry is also not due to luck, but the return of long-term persistence in core technology independent R&D, refusing to seek quick success and instant benefits, and continuous deep cultivation.

BYD's long-term investment demonstrates another path for enterprises to participate in youth sports: not just doing naming rights and exposure, but being a companion during the low period, providing soil for teenage dreams to take root.

The double crowning of BYD and China Football Juniors, on one side is the scalding passion of teenagers on the green field, on the other side is the persistent persistence of Made in China. The two reflect each other; it is not just a successful case of corporate sponsorship of sports, but also conveys a belief to society: the breakthrough of dreams starts with passion and is achieved through long-term unremitting cultivation.

September 17, 2026, Beijing, the cooperation signing ceremony between BYD and Dongrun Public Welfare Foundation was officially held. Both parties announced cooperation surrounding the "Dongrun Cup" National Youth High School Football Tournament, continuously investing efforts such as tournament organization, school team building, and youth growth support into county-level middle schools.

This is not the first time BYD has focused on youth football. Since 2024, BYD has organized more than 200 youth football players to travel to Germany, Japan, Spain, Thailand, Italy, Brazil, Mexico, and other places to exchange with overseas clubs and enter international stages such as the European Cup and World Cup. Today, this focus has further shifted from "seeing a bigger world" to "giving them a stage of their own".

When technology and philanthropy go hand in hand, the value of technology ultimately returns to people. BYD's second-generation Blade Battery and all-new flash charging technology can still maintain high energy replenishment efficiency in low-temperature environments, making long-distance travel and outdoor vehicle use more stress-free; some models are also equipped with the Sky Eyes 5.0 System, supporting urban pilot assist, highway & expressway pilot assist, and all-scenario parking assist, accompanying every departure in a smarter way.

The Dongrun Cup leaves the stage for ordinary high school students in county-level areas of Xinjiang, Yunnan, Shaanxi, Jiangxi, and other places. For many children, football does not lack passion; what is lacking are opportunities for continuous play, to be seen, and to be supported.

"We cannot play for them, but we can take them to the field." Illuminating the path of young football players chasing their dreams is not just a slogan, but handing over training, equipment, coaching, matches, and growth opportunities to children bit by bit. In the future, BYD and Dongrun Public Welfare Foundation will continue to implement resources into broader grassroots campuses, accompanying the growth of Chinese youth football with corporate strength.

On September 24, BYD's 2,000th supercharge expressway station was officially completed at the Bao'an Service Area in Yangzhou, Jiangsu. The Jinghu Expressway supercharge network is fully connected, forming a "11 vertical and 11 horizontal" expressway main line network, with 2,000 expressway stations covering 278 expressways nationwide. As of that day, BYD had cumulatively built 11,586 supercharge stations, covering 341 cities.

At first glance, this is a milestone infrastructure progress. But if you only understand it as "BYD has built many more charging piles", you may have missed a more important signal—the competition logic in China's new energy vehicle energy replenishment sector is undergoing a fundamental shift.

From "Selling Cars" to "Selling Ecosystems": Competition Paradigm is Migrating

In the past few years, the energy replenishment network was more like an automaker's "after-sales service"—after the car was sold, the charging matters could be handed over to third-party operators. But BYD's "Supercharge China" strategy has completely flipped this logic.

According to the plan, BYD will build 20,000 supercharge stations by the end of 2026, among which 18,000 will be urban "Stations within Stations", and 2,000 will be expressway supercharge stations. Expressway stations cover nearly one-third of expressway service areas, and urban stations will achieve coverage standards of 3 kilometers in first- and second-tier cities, 5 kilometers in third- and fourth-tier cities, and 6 kilometers in fifth- and sixth-tier cities.

What does this density mean? It means that when users choose a car, the coverage of the energy replenishment network is becoming a decision-making variable as important as the driving range. Users with cross-city commuting feedback reported that previously they would feel anxious when the battery level remained at 50%, but now the charging habit has changed to replenish energy when the remaining battery level is between 10% and 15%. When charging becomes convenient enough, users' sensitivity to range will decrease, while their dependence on the energy replenishment system will increase. This is an "ecosystem lock-in" effect—you are not buying just a car, but a complete mobility energy replenishment solution.

This is likely the move most worth paying attention to in BYD's brand building. When the energy replenishment network is dense enough, fast enough, and convenient enough, "Supercharge models" themselves become a product category with a service promise. The density of the energy replenishment network is becoming the thickness of brand trust.

The Clever Strategy of "Stations within Stations": Light Assets Leveraging Heavy Assets

BYD's speed in building stations is indeed impressive. But behind this, there is a strategy detail that is easily overlooked: its approach is very "smart".

Among the 20,000 stations, 18,000 are the "Stations within Stations" model—not starting from scratch to find land and build stations, but cooperating with existing charging network operators nationwide to embed supercharge equipment into existing sites. At the same time, BYD has signed a "Ten Thousand Stations Gathering Energy, Fast Charging at Gas Stations" strategic cooperation agreement with Sinopec, installing supercharge piles directly into existing gas stations. In addition, BYD has reached deep cooperation with PetroChina, China Resources, Shell, TELED, etc.

The ingenuity of this model lies in: it achieves the fastest network coverage with the lightest asset method. The profitability pressure in the charging pile industry is actually quite high. Under price wars, the era of "simply renting land, buying piles, and earning service fees effortlessly" has passed. The "turnover rate" of 480kW supercharge piles is 3 to 4 times that of the old 120kW piles, but the single-station investment payback period is still long. In this context, BYD chooses to cooperate with existing operators and energy giants to quickly expand the network scale and minimize its own asset burden.

But the "Stations within Stations" model also faces real challenges: how to ensure service consistency of the sites? Operating on others' land, can the standardization level of user experience reach the standard of self-operated stations? How to coordinate the charging priority in "Stations within Stations" during peak hours? The answers to these questions will determine whether this network is "looking dense" or "using smoothly".

The "Coexistence Era" of Energy Replenishment Routes: Charging and Swapping are Not a Zero-Sum Game

The breakthrough of BYD's supercharge technology inevitably triggered the discussion "whether supercharge will kill battery swapping". When the charging time is compressed to single-digit minutes, the industry discussion on energy replenishment routes has heated up again.

But looking deeper, these two routes solve different problems in different scenarios, rather than a simple substitution relationship. Supercharge has obvious advantages in expressway main lines, intercity travel, and other scenarios. Users stop to charge, drink a cup of coffee, and go to the restroom. 9 minutes is just right. But battery swapping still has irreplaceable efficiency advantages in high-frequency urban operation scenarios—ride-hailing, taxis, logistics fleets. CATL launched the "Super-Swap Integrated Station" solution, equipping the entire series of Chocolate Battery Swapping Stations with Shenxing Supercharge Piles. The comprehensive energy loss rate is reduced by more than 13 percentage points compared to the energy storage-equipped supercharging solution. It is planned to build more than 100,000 shared energy replenishment infrastructure facilities by the end of 2028.

Academician of the Chinese Academy of Sciences Ouyang Minggao pointed out that the technical development direction of the new energy vehicle industry in the next five years includes "All-weather Supercharging (rapid replenishment including battery swapping)", integrating charging and swapping into the technology roadmap. This means the industry consensus is shifting from "who replaces whom" to "who suits whom".

For consumers, this is a good thing—the diversification of energy replenishment methods means different vehicle usage scenarios can find the solution most suitable for them. And BYD's rapid deployment of the supercharge network actually opens a door for the entire industry: When charging becomes fast enough, the usage boundary of pure electric vehicle models is greatly expanded.

From "Supercharge China" to "Supercharge Planet": New Paradigm for Infrastructure Going Global

The completion of BYD's 2,000th supercharge expressway station has another dimension that is easily overlooked: its global extension.

According to the plan, BYD will build 6,000 supercharge stations overseas, which have already landed in Europe, the Americas, and other places. In Singapore, BYD cooperates with Shell to add supercharge piles inside gas stations, pulling charging infrastructure to the global leading level. From a longer cycle perspective, BYD's plan quoted by Deutsche Bank shows that 20,000 supercharge stations will be built by the end of 2026, 30,000 will be added in 2027, and 40,000 will be added in 2028, cumulatively reaching 90,000.

Behind this is a deeper change. In the past, Chinese car going global was mainly product going global—selling cars to overseas markets. But what BYD is doing is "system going global": packaging cars, piles, and services into a complete mobility solution and taking them out together. This model is particularly valuable in overseas markets—charging infrastructure in many countries and regions is still far less perfect than in China, and the experience and technology accumulated by Chinese automakers in energy replenishment network construction can fill this gap.

When the energy replenishment network becomes China's new energy "new calling card" going global, "Supercharge Planet" is not just a brand slogan, but a replicable business model.

Epilogue

2,000 supercharge expressway stations, placed in the big picture of China's new energy vehicle industry, perhaps just a stage node. But the changes it reflects are deep enough: the competition of energy replenishment networks has entered the stage of "is it usable" from "is it available"; from automakers fighting alone to cross-industry, cross-border ecosystem co-construction.

For BYD, these 2,000 stations are a cornerstone for the brand to go from "product leadership" to "ecosystem leadership". For the entire industry, it provides a sample worth pondering repeatedly: in the second half of the new energy competition, whoever can make users' travel experience more calm, whoever holds the initiative to define the future. And this thing has never been just about the number of charging piles.

August 2026, BYD sold 440,300 vehicles, a year-on-year increase of 17.84%. This number itself isn't surprising, after all, BYD has held the top spot in China's new energy vehicle monthly sales for 63 consecutive months. The real highlight lies in the structure.

In August, BYD's overseas sales reached 189,500 units, a surge of 134.45% year-on-year, accounting for 43.03% of total sales. This marks the fifth consecutive month BYD's overseas sales set a historical record. From January to August this year, BYD's overseas cumulative sales reached 1.158 million units, surpassing the 1.0496 million units level of the full year 2025.

Completing last year's full overseas volume in eight months indicates that the overseas market is becoming the biggest variable for BYD's growth. Against the backdrop of slowing domestic market growth, the significance of these 189,500 units is far more worth analyzing than the total of 440,000 units.

What Is Sold Overseas Is Not "Domestic Inventory", But Localized Products

Many people have a misconception about BYD's overseas expansion, thinking it is simply loading cars sold domestically onto ships for export. Actually, it is not like that.

Let's look at several key models: Yuan Plus (called ATTO 3 overseas), Dolphin, Song PLUS, Yuan UP. These are the mainstays of the overseas market, but for every regional market, BYD has implemented deep localization adaptation. This is much harder than simply selling cars.

First, let's talk about ATTO 3. This model underwent a comprehensive evolution in the European, UK, and Australian markets from 2025 to 2026. It was not just a simple logo change, it involved re-adapting at the product capability level. The European market has high standards for safety certification and energy consumption, so BYD had to make adjustments according to the EU certification system. In terms of pricing, ATTO 3's starting price in many European countries is about 38,000 euros, approx. 270,000 RMB; in Australia 45,000 AUD, approx. 208,000 RMB; in Colombia, the starting price is approx. 213,000 RMB. Same product, three markets, three pricing logics. This was not decided casually, calculated based on local purchasing power, competitor prices, and tariff costs.

Next, Southeast Asia. The Rayong factory in Thailand started production in 2024, with an annual capacity of 150,000 units, specially producing right-hand drive models like Dolphin and ATTO 3, covering the entire ASEAN market. Localized delivery share is close to 40%. Why build a factory locally? Transporting RHD cars from domestic sources is costly, local production saves on freight and enjoys tax incentives under Thailand's EV 3.0 policy.

Over in Europe, the Hungary factory is not just for building cars but also positioned as the European headquarters, responsible for EU certification testing, model localization design, and function development. Simply put, BYD is not in Europe to "sell and leave", it is to take root. So you see, BYD's overseas expansion is not just moving domestic models overseas intact, but relying on a mature product system -- e-Platform, Blade Battery, DM-i Hybrid Technology -- for localization matching. The product foundation is its own, but targeted adjustments were made for different regional users' range needs, configuration preferences, and regulatory standards. This is "product export," not "inventory liquidation."

Domestic Competition Intensified to the Extreme, Overseas Opens Second Growth Curve

Why is BYD so aggressive in overseas markets? Because the domestic market has indeed reached the limit of competition.

In 2025, BYD's global sales were 4.602 million units, a year-on-year growth of 7.7%. Compared to the performance of doubling growth in previous years, this growth rate has significantly slowed down. The penetration rate of the domestic new energy vehicle market has passed 60%, and the incremental space is narrowing. The price war has lasted from the beginning to the end of the year, profits are getting thinner. Under these circumstances, "seeking increments overseas" is not an optional question, but a mandatory one.

Of course, BYD is not the only one thinking this way. Currently, multiple automakers are competing in overseas markets. Chery has always been the "leader in going overseas", BYD's 189,500 units overseas in August are already closing in on Chery. The competition between the two in the overseas market is essentially a contest of globalization capabilities among Chinese automakers. Whoever can truly export the product system globally will get the entry ticket to the next decade.

But BYD's approach has its uniqueness. It does not rely on low-price dumping, but on product system output. In terms of pure electric vehicles, BYD's pure electric sales in 2025 exceeded 2.25 million units, a year-on-year increase of 28%, exceeding Tesla's 1.64 million units at the same time. This product capability foundation is the premise for its global localization adaptation. If the product is not good, localization adaptation is empty talk.

The logic of the overseas market is different from the domestic one. In the domestic market, "cost-performance ratio is king", overseas markets value brand, after-sales, and localized services more. BYD building factories, dealership networks, and localized designs overseas is essentially catching up on these lessons. Short-term investment is large and results are slow, but long-term, this is the only path to building brand barriers.

Opportunities Are Real, Challenges Are Also Significant

Saying BYD's overseas expansion is going great is flattery. Objectively speaking, opportunities and challenges coexist.

Opportunities are very significant. BYD new energy vehicles have entered 120 countries and regions globally, January to August overseas sales 1.158 million, year-on-year growth 134.6%, this growth curve is indeed steep. The overseas market's recognition of Chinese new energy products is improving, this is a fact. European consumers are starting to accept Chinese electric vehicles, Southeast Asian and Latin American markets are becoming more open to Chinese brands.

But challenges also exist. Trade barriers are the first hurdle. The EU has imposed additional tariffs on Chinese electric vehicles, the US market is basically closed off, these cannot be solved just by having good products. Localization factory investment is huge; Hungary factory, Thailand factory, Brazil factory, each is a heavy asset investment with a long payback period. Brand recognition also takes time to accumulate; European consumers' bias against "Chinese cars" cannot be eliminated in a day.

However, BYD's product export path does provide a reference sample for independent brand globalization.

Its core has three points: First, the product system must be mature, and the technology foundation must be strong, which is the basis for localization adaptation; Second, cannot simply export, must make localization adjustments for products, configurations, and range for different markets; Third, must be prepared for long-term investment, building factories, building networks, building brands, cannot be rushed.

Final Thoughts

BYD's August overseas sales of 189,500 units is not the end, but a new starting point. Chinese new energy vehicles moving from domestic competition to global competition, this road has just begun. BYD is running ahead, but the road ahead is long. The real test of the overseas market is not whether it can be sold, but whether it can take root. This point is more worthy of attention than single-month sales figures.

From Thailand, Italy to Spain, BYD accompanied the Chinese Football Juniors 2018 Team all the way, winning championship after championship. In the recently concluded Spanish Brava Cup tournament, top European youth teams such as Barcelona and Atletico Madrid participated, with 67 teams competing in total. The young players endured 9 rounds of matches, winning all 4 group stage games, achieving two turnarounds in the knockout stage, defeating the Espanyol youth team in the semi-finals, and beating Cornella in the final via penalty shootout, claiming the championship with a perfect 9-game record. Han Chengjun (George) in the team stood out, scoring 17 goals in 9 matches and winning the tournament MVP and Golden Boot.

BYD's support for youth football, like the approach to making new energy vehicles, adheres to long-termism. BYD has been deeply engaged in the new energy field for more than 20 years, continuously investing in R&D without pursuing short-term hype. Starting from 2024, BYD has successively organized more than 200 football youths to visit countries such as Germany, Japan, and Brazil, to exchange and compete with top local clubs. Last year this team participated in the Brava Cup and stopped at the quarter-finals. After continuous refinement, they stood on the highest podium this year, and this persistence paid off.

BYD itself is developing steadily in overseas markets, achieving good sales results in many places including Europe and Southeast Asia. At the same time, the brand is also collaborating overseas with football giants such as Manchester City, Inter Milan, and PSG, bringing international football resources back to the domestic market to assist youth training development. Previously, the young players also went to Italy to visit Inter Milan and watch Serie A matches on-site to experience the professional football atmosphere up close.

Chinese football youths shine on the world stage! With BYD's support, already 3 young players have signed with La Liga professional youth teams. There are no shortcuts in football and technological R&D. Continuously rooting in youth football and cultivating talent slowly are the only ways to accumulate new strength for Chinese football. In the future, BYD will also continue to stand shoulder to shoulder with the youths, continuing to challenge around the world and strive for more good results.