BYD officially announced the latest overseas market data on July 12. The brand's cumulative new energy vehicle deliveries in the Thailand market officially exceeded 130,000 units. Coinciding with the second anniversary of BYD's Thailand CKD factory production launch, the event also saw the regional premiere of the new model BYD SEALION 5 DM-i. With the dual achievements of a sales milestone and a new car launch, the brand's deep foundation in the Southeast Asian market was verified. During the offline delivery ceremony on the day, the commemorative 130,000th new energy vehicle was the newly released SEALION 5 DM-i. The vehicle was delivered to well-known Thai film and television actress Usa Sencan. She became well-known to locals for her role as Grandma in the film A Letter to Grandma. Selecting a popular local actor as the milestone owner effectively narrows the distance between the brand and local ordinary consumers, further shaping a brand image that fits local Thai life.

BYD Thailand factory is located in Rayong Province WHA Industrial Park, which is also the brand's first overseas passenger car production base globally. The factory's planning and design annual production capacity is 150,000 units. Since production launch, the factory has steadily promoted the localization process of whole vehicle manufacturing. Five main models have been locally produced. The product matrix covers compact pure electric sedans, city pure electric SUVs, and multiple household plug-in hybrid SUVs, namely DOLPHIN, ATTO 3, SEAL 5 DM-i, SEALION 5 DM-i, SEALION 6 DM-i. They comprehensively cover mainstream commuting and multi-person family travel needs in the Thailand market. These five locally produced models have successfully obtained the MiT Thailand Made Certification granted by the Thailand Industrial Federation (FTI). This certification is a key qualification for local new energy vehicles to enjoy car purchase subsidies and tax preference. At the same time, it represents that the whole vehicle manufacturing process and parts supply standards perfectly fit local Thai industrial specifications, which can effectively control terminal selling prices and enhance product competitiveness in the local market.

Reviewing the factory's two-year development journey, BYD's sales growth momentum in Thailand has been very rapid. In November 2025, the factory completed the delivery of the 70,000th whole vehicle. The delivery model was SEALION 6, and the owner was an excellent local employee of the factory, Pattaraporn. In just eight months, the cumulative market delivery volume climbed from 70,000 units to 130,000 units, adding 60,000 new deliveries, which intuitively reflects that Thai consumers' acceptance of new energy vehicles continues to improve. Charging facilities distribution for new energy vehicles in Southeast Asian cities is uneven. Long-distance travel with pure electric models often faces power replenishment difficulties. BYD's mature DM-i super hybrid system happens to solve this pain point. Short-term commuting relies on pure electric mode to reduce vehicle usage costs, while long-distance travel relies on the fuel system to eliminate range anxiety. This power technology adapted to regional travel scenarios is the core factor for continued strong sales of several hybrid SUVs under the brand.

Beyond production capacity and sales growth, BYD Thailand factory continues to promote supply chain and talent localization construction. During the two-year production launch, the factory created a large number of local jobs. The proportion of Thai employees in grassroots and technical positions exceeds 90%. At the same time, the local parts procurement ratio continues to be improved, driving the synchronized development of Thailand's local auto parts supporting industry, and helping the local industry to improve the new energy vehicle upstream and downstream industry system. The official launch of the SEALION 5 DM-i this time further perfects the brand's compact hybrid SUV product line, which can compete head-on with local mainstream fuel and hybrid models, enriching Thailand consumers' new energy vehicle purchasing choices.

From the landing of the first overseas whole vehicle manufacturing base to exceeding 130,000 deliveries in two years and five models achieving local mass production, BYD has firmly occupied the mainstream position in the Thailand new energy market by relying on the local production model and hybrid products tailored to regional travel needs. Relying on mature overseas manufacturing bases and a complete product layout, the brand will continue to launch new models in the future, continue to dig deep into the ASEAN market, use Thailand as a fulcrum to radiate the entire Southeast Asia, continuously improve the overseas influence of Chinese new energy vehicle brands, and provide reliable solutions for green transportation transformation in the Southeast Asia region.

In 2025, BYD Yuan family cumulative sales exceeded 430,000 units, accounting for about 9.3% of BYD's total annual sales, contributing greatly to BYD reaching the top five globally.

After entering 2026, BYD needed to find a carrier for the second-generation Blade Battery and new-generation Flash Charge technology within the Yuan family, so the Third-Generation Yuan PLUS was born.

This product with the largest iteration range in the history of the BYD Yuan family has maintained high discussion levels since its debut at the Beijing Auto Show.

At the same time of the new car launch, the 2025 model Yuan PLUS dropped prices wildly. Now, the naked car price has lowered to over 70,000 yuan. Comparing vertically with the previous generation Yuan PLUS and horizontally with competitors from other car companies, is the Third-Generation Yuan PLUS truly more worth buying?

When I arrived at the BYD store to experience the Third-Generation Yuan PLUS, coincidentally, a previous generation Yuan PLUS owner also came to see the car. Their car was parked next to the new model. In front of the massive body of the Third-Generation Yuan PLUS, the previous generation Yuan PLUS looked like an "elderly leisure vehicle".

(Image Source: EV Tong Photography)

The Third-Generation Yuan PLUS, with a 210mm increase in length and a 50mm increase in wheelbase, has a more majestic appearance, with an aura comparable to a mid-size SUV. The interior space has also increased significantly, with ample legroom in the rear and acceptable trunk capacity. It is worth noting that the Third-Generation Yuan PLUS supports an electric sunshade, protecting us from sunlight intrusion during hot summers.

"Large" is the most intuitive feeling the Third-Generation Yuan PLUS gives EV Tong (ID: dianchetong233), but as a product with huge upgrades, its highlights go far beyond this.

Although the experience time was not long, the details of the Third-Generation Yuan PLUS still made EV Tong very satisfied. For example, the front memory seats can adjust automatically, facilitating users getting on and off. The passenger leg rest, 12-inch HUD, hot and cold refrigerator, and other configurations show BYD's sincerity everywhere.

Regarding range, chassis suspension, power, etc., the Third-Generation Yuan PLUS has also been comprehensively upgraded. The downshift of DiSus-C, range up to 630 kilometers, and optional DiPilot 300 (except for the lowest trim) make its experience compared to the previous generation undergo a qualitative leap.

(Image Source: EV Tong Photography)

As the BYD Yuan family, and even the entire Dynasty series, the product with the largest upgrade range, Yuan PLUS performs better than the previous generation in all aspects. Especially after experiencing the comfort brought by large space, even though the previous generation product price dropped by tens of thousands of yuan directly, EV Tong still more recommends consumers buy the new generation product.

Moreover, the Third-Generation Yuan PLUS has no real cars in the showroom of this store, the only display car is the test drive car. Combining this car's orders breaking through 10,000 units in the first week of launch and orders breaking through 50,000 units in less than a month, EV Tong has reason to believe that BYD is too late to lay out more display cars in the store to deliver to consumers as soon as possible.

Both the experience of EV Tong (ID: dianchetong233) and the hot orders can prove the strength and market performance of the Third-Generation Yuan PLUS.

The Third-Generation Yuan PLUS perfectly carries the new generation of BYD's three-electric technology and flash charge technology, making up for the Yuan family's long-standing product shortcomings, enabling this popular home SUV to complete the transformation from "Qualified Commuter EV" to "All-around Home Pure Electric SUV". This car is expected to carry the sales banner of the Yuan family, continuously consolidating BYD's dominant position in the 100,000-150,000 RMB mainstream home pure electric SUV market.

Perhaps some people are curious, even if only upgrading size, battery, fast charging, Yuan PLUS is still highly competitive in the 100,000-150,000 price segment, why does BYD want to comprehensively upgrade this car from start to finish, even to the extent of downshifting DiSus-C, advanced intelligent driving, HUD, and other configurations. In the view of EV Tong, BYD might also want to make money lying down, but market changes are forcing BYD to change.

BYD's Seagull, Dolphin, Yuan UP, Yuan PLUS and other models once had a dominant position in the A00 to A-class new energy vehicle market. However, the situation changed this year. Geely Galaxy Star Wish, Leapmotor A10, Changan Qiyuan Q05 and other products, relying on the characteristics of good quality and cheap price, conquered the mid-to-low-end market.

Not only that, joint venture brands also showed their fangs. Some joint venture models, using Chinese suppliers such as Momenta and Huawei, improved product hardness, and Volkswagen ID.3, Bozhi 3X and other products became increasingly competitive.

BYD is facing a double-sided clamp from independent brands and joint venture brands, needing stronger products to consolidate its dominant position in the 100,000-150,000 RMB SUV market. Although the previous generation Yuan PLUS had no inferior competitiveness, it showed weakness facing larger and smarter competitors.

(Image Source: EV Tong Photography)

Taking Bozhi 3X as an example, this car is equipped with Momenta intelligent driving technology, and the car length is as high as 4600mm, slightly higher competitiveness compared to the previous generation Yuan PLUS. The Third-Generation Yuan PLUS not only surpassed in size and led in range, but the price was also relatively affordable, capable of suppressing most peer products.

BYD's overseas strategy also needs the Third-Generation Yuan PLUS as a mainstay. Yuan PLUS is named ATTO 3 overseas, with excellent performance in many countries and regions such as South Korea, Thailand, Brazil, UK, New Zealand, etc., and is BYD's main export model.

After entering 2026, the domestic car market size declined year-on-year. Many car companies chose to break the game overseas. Changan, Geely, Great Wall, Li Auto, Leapmotor, Xiaomi and other car companies are all accelerating their layout of the overseas market. Multiple foreign-funded and joint venture brands will also use China as a production base, using China's complete industrial chain advantage to build cars and then transport them to the overseas market for sale.

In the past, BYD could use China's industrial chain advantage to form dimensional striking attacks in the overseas market. But with domestic car companies collectively accelerating the overseas layout pace, BYD will also face competition from independent brands in the overseas market.

For this reason, whether domestically or overseas, BYD needs products with stronger competitiveness to cope with models from global car companies. EV Tong (ID: dianchetong233) believes that the Third-Generation Yuan Plus is just the beginning. When BYD's other products are updated and iterated in the future, the upgrade range will also increase.

(Image Source: EV Tong Photography)

In the mid-to-high end and high-end markets, BYD is already laying out through the launch of new cars rather than upgrading original products, such as the Ocean Series's Seal 08, Sea Lion 08, Dynasty Network's Tang, Han models. In the mid-range market, Han, Tang, Song and other family mid-range models are expected to have comprehensive upgrades in configurations during the next update iteration.

What might make BYD feel the most tricky is the low-end market. The 100,000 yuan and below market, product profit space is small, but competition intensity is very high. BYD's Seagull, Dolphin, Yuan UP domestic market competitiveness continues to decline. Geely Galaxy Star Wish, Leapmotor A10 and other models have such high cost-performance ratio that BYD is helpless.

The reason why the Third-Generation Yuan PLUS upgrade range is unprecedented is mainly that BYD needs to respond to market changes through product configuration changes. The current 100,000 yuan to 150,000 yuan pure electric SUV track competition is white-hot, independent new cars continue to press down, joint venture models make up for intelligent shortcomings. The shortcomings of the old Yuan PLUS size, chassis, energy replenishment, intelligent driving are gradually exposed. The terminal can only rely on large price reductions to exchange for sales. The Third-Generation Yuan PLUS faces overseas and domestic dual competition through comprehensive upgrades with stronger product power.

BYD Dynasty Network Sales Division General Manager Lu Tian stated on Weibo that in May this year, the Yuan family cumulative delivery was 56,691 vehicles, among which Yuan PLUS delivered 15,277 vehicles, Yuan UP delivered 41,414 vehicles. Compared with the peak monthly delivery of over 40,000 units, even with overseas market assistance, Yuan PLUS sales still declined significantly.

The comprehensively upgraded Third-Generation Yuan PLUS is expected to achieve BYD's expected goals, defeating many competitors at home and abroad, but it is difficult to help Yuan PLUS return to the state of monthly delivery over 40,000 units.

On the one hand, new cars from other car companies are launched continuously, constantly competing with Yuan PLUS for the market. On the other hand, there is relatively obvious competition within BYD. Above is Song PLUS, Song Pro, below is Yuan UP. Many of Yuan PLUS's crises come from its own products.

(Image Source: EV Tong Photography)

It can also be seen from the sales released by Lu Tian that the Yuan family cumulative delivery is still very high, but among them, most delivery models are cheaper Yuan UP. In addition to improving product competitiveness, BYD may also need to re-organize the product line, reduce internal competition, and avoid internal friction.

Now the new energy market is no longer the era of BYD's exclusive dominance. Externally, competitors continue to engage in close-quarters combat, internally, its own models flow up and down. Even if product power fully crosses levels, Yuan PLUS is unlikely to replicate the brilliant sales of monthly breakthrough 40,000. After all, consumers are increasingly rational in buying cars now. Low-price commuter needs will directly choose the lower threshold Yuan UP. Pursuing larger space and higher specifications will directly choose the Song series step by step. Yuan PLUS exactly stays in the awkward interval in the middle.

The greater value of this car lies in undertaking two major tasks of technology popularization and overseas offensive: Internally, put the second-generation Blade Battery, 800V Flash Charge, DiSus-C and other high-end technologies down to mainstream home models, letting ordinary people also experience BYD's top-tier car building technology; Externally, iterate the overseas version ATTO 3, relying on stronger comprehensive product power, hold on to core overseas markets such as Southeast Asia, Europe, Japan & Korea, etc. In the wave of collective overseas rolling of independent brands, stabilize its own overseas basic disk.

【Lead: May 2026, BYD delivered a sales report of over 380,000 units, among which overseas sales exceeded 160,000 for the first time; however, BYD's single-month sales historical peak remained at 514,800 units in December 2024, with 57,200 units exported that month. These two sets of data reflect that BYD, sitting in the top chair of the new energy sector, is undergoing structural changes. BYD that grabbed the export dividend, exports soared; meanwhile, the domestic car market is experiencing a change from incremental to stock even possibly to shrinking volume. Even BYD cannot escape the pain of involution, presenting the "double life" of the industry leader, half smooth, half rough.】

Author: Li Suwan

According to April imported new car registration data released by the Korean Association of Import Cars (KAIDA), Chinese brand registration volume surpassed Japanese brands in the South Korean market for the first time, ranking in the top three countries for imported car sales. Of note, BYD's sales of 2,023 units exceeded the combined sales of the three Japanese brands Lexus (1,079 units), Toyota (829 units), and Honda (66 units) (1,974 units). Korean media generally regard this ranking as an important signal of the shift in the structure of the imported car market in South Korea.

Directly raising the cloud sail to cross the vast sea, BYD's overseas market continued to maintain high growth in May this year. Passenger cars and pickups overseas sales reached 160,177 units, an 80.7% increase year-on-year, setting a new historical record. Seagull, Song PLUS, Yuan Series and other models continued to sell well, with SHARK pickup truck volume exceeding 4,000 units for two consecutive months. With the product matrix continuously enriching and the global layout continuing to deepen, BYD's globalization process is advancing rapidly.

Benefiting from overseas market pull, BYD's total sales increased slightly by 0.26% year-on-year in May this year, ending the consecutive 8 months of year-on-year decline, and continued to win the champion of Chinese automotive enterprises' new energy vehicle sales with 383,453 units. Thus far, BYD has remained in the first place of domestic new energy vehicle monthly sales for a consecutive 60 months.

Relying on the "systematic ecological export" strategy from technology, production, channels to brand, BYD is becoming more and more brave in the overseas market. However, BYD's life situation at this time is like two sides of a coin. It advances boldly in the overseas market, but encounters cruel new tests in the domestic market. The current monthly sales in China are almost halved compared to the peak period. Structural adjustments are a mixture of joy and worry, and BYD is once again standing at a critical crossroads.

Can BYD Weld the Highlight Moment?

In the new energy track, BYD is the undisputed "Di King" in China and even globally. So far, its cumulative new energy vehicle sales have exceeded 16.5 million units. In recent years, while a group of international traditional car giants failed in the transition to electrification, leading enterprises such as "Di King" drove China's automotive industry to accelerate overtaking on a bend.

BYD's boss Wang Chuanfu has a forward-looking strategic vision, allowing this car company to catch the dividends of new energy and export two wind vane points. Relying on Blade Battery, DM-i Super Hybrid, e Platform and other full-stack self-developed systems, BYD has built cost moats that many car companies cannot cross through vertical integration of the industry chain, quickly grabbing the pure electric and hybrid market, gradually mastering strong pricing power in the 100,000-200,000 yuan main force model market, and further diluting R&D and production costs with scale effects, constantly pushing the cost advantage to the extreme.

While holding the "Price Slaughter Knife" to expand in the domestic car market, BYD also accelerated its extension of its entire industry chain layout, full-stack self-research, and cost advantages to the overseas market, precisely adapting to the needs of global diversified markets with a full price product matrix. In Southeast Asia/South America/Middle East markets, Yuan PLUS (ATTO3), Seagull focus on entry-level commuting, cost-performance ratio crushes Japanese fuel small cars, BYD's market share in Brazil's EV market exceeds 70%; in European and other markets, Seal, Song PLUS, Sea Lion 07EV constitute a core competitive matrix against Volkswagen ID series, Tesla Model 3/Model YCore Competitive Matrix. BYD's high-end models are gradually breaking the overseas market's stereotype that "Chinese cars rely on low prices", such as Denza focusing on European mid-to-high-end niche markets. Also, BYD commercial vehicle coordination, electric buses, forklifts go out simultaneously, such as Singapore electric bus market share exceeds 60%, passenger vehicles + commercial vehicles double pull local reputation.

Not only did products go out, BYD also accelerated localization of production globally, breaking tariff and delivery problems. Its four complete vehicle factories in Thailand, Brazil, Hungary, and Uzbekistan have started production, with Malaysia and Cambodia under construction. In addition, BYD's own RoRo fleet guarantees stable export capacity, solving industry sea transport bottlenecks, and signed top local automotive groups in each country as agents, gradually building thousands of brand direct + authorized stores in Europe, Southeast Asia, Middle East, and Latin America. With a set of combinations hitting, BYD's export has obviously accelerated.

After exports increased by about 1.4 times year-on-year in 2025 and broke the one million unit threshold for the first time, BYD's sales overseas continued to rise this year, largely buffering the pressure of BYD's sales decline in the domestic car market. However, for BYD to weld the highlight moment or even sprint to higher goals, it is inevitable to withstand the current cruel tests of domestic price wars backlash, narrowing technology advantages, and brand upward obstacles, breaking the dilemma of "defenders".

Can we find the key to value upward?

This year's domestic car market, how can it be described with a single word "hard". According to CPCA weekly report, national passenger car market retail in May was 1.545 million units, down 20% year-on-year, cumulative retail in the first 5 months of this year was 7.15 million units, down 19% year-on-year.

Due to weak consumption and car market shrinkage, car companies were forced to cut prices to grab market share, dozens of models collectively cut prices, exchanging price for volume diluted profits. At the same time, car companies also encountered unfavorable factors such as price increases in upstream lithium carbonate, non-ferrous metals and other raw materials. Price wars, high costs and weak demand are like three big mountains, further squeezing the profit space of the automotive industry. January to April 2026, automotive industry profit margin 3.4%, total profit 111.9 billion yuan, down 17% year-on-year, profitability pressure is still relatively large. In such a big environment, as the Leader BYD cannot be immune. In the first quarter this year, the company's net profit attributable to shareholders of the listed company was 4.085 billion yuan, down 55.38% from 9.155 billion yuan in the same period last year.

In the most competitive Chinese car market globally, in white-hot competition, BYD faces competitors like Geely Galaxy with nearly "pixel-level" benchmarking, plus the fierce attacks of new forces such as Leapmotor and Xiaomi, the difficulty to break the situation is not small. For example, Geely Galaxy's Xingyuan grabbed the Seagull's sales champion in the under 100,000 yuan niche market in 2025, in the 100,000 to 200,000 yuan core area, BYD even encountered more fierce encirclement and suppression by Leapmotor and other brands. Previously, BYD relied on Blade Battery and Super Hybrid to laugh off the Jianghu, but now Geely has Thor EM-i Super Electric Hybrid, SAIC has DMH, plus CATL's Qilin Battery, Shenhang Battery, Xiaoyao Battery and other technologies and products empowering many car companies, new energy sector hundreds of flowers blooming, BYD's technology is no longer unique. In addition, BYD also faces the challenge of user demand iteration. With new energy penetration rate exceeding 50%, the market moves from "trying new things" to "picky" stage, consumer car buying logic is also changing. BYD has room for improvement in smart cockpit, chassis tuning and other details, and its ride-hailing image is also difficult to support higher brand premium.

How to break the situation? BYD launches a combo, besides accelerating the promotion of globalization process, the more important measure is to focus on internal improvements, accelerate the iteration and upgrade of various technologies. In terms of intelligence, as of May 28, the number of BYD vehicles with assisted driving has exceeded 3.15 million units, Heavenly Eyes generates more than 200 million kilometers of data daily. On May 28, BYD announced the launch of urban pilot safety backup service, becoming the first car company in the world to realize both urban pilot and intelligent parking "double backup" at the same time. Three days after the conference, the daily active user volume of urban pilot for models equipped with Heavenly Eyes A, B assisted driving system increased by 50%. Previously, after the intelligent parking safety backup was launched, the function usage rate has increased from 21% to more than 90%. Wang Chuanfu said: "Dare to back it up, is true safety."

In the field of power technology, after the launch of the second-generation Blade Battery and Flash Charge technology, BYD is tightly rolling to continuously convert technological innovation into product competitiveness. Third-generation Yuan PLUS, Fang Cheng Bao Bao 5 Flash Charge version, Bao 8 Flash Charge version, Denza N9 Flash Charge version and other models have successively launched. At the same time, Dynasty Network Great Tang will be launched in mid-June, Denza N8L Flash Charge version, Seal 08, Sea Lion 08 will also be launched successively, further expanding BYD's Flash Charge product matrix.

In addition, BYD increased the intensity of high-endization, Denza, Fang Cheng Bao and Yangwang gradually have results, May Fang Cheng Bao, Denza combined sales 46,489 units. Among them, Fang Cheng Bao sales 30,186 units, up 139.7% year-on-year, creating a new high this year; Denza sales 16,303 units, continuing to maintain growth trend; Yangwang sales 286 units, up 105.8% year-on-year. The three high-end brands join forces, finally breaking the bottleneck of their proportion in BYD's total sales of less than one tenth.

Although the cruel fact is if export volume is excluded, BYD's sales in the domestic market in May are still far from the peak period, but its total sales year-on-year bottoming out slightly rising is still a positive signal. BYD is empowering products through new technologies such as second-generation Blade Battery and Flash Charge. With the "Great Tang" known as the most cruel "Value Assassin" in the full-scale market, holding 100,000 pre-sale orders, coming soon, and other new models successively launched, BYD is launching a new round of offensive value upward. It has come to a critical crossroads again, needing to use patience, wisdom and courage different from the past to deal with this profound change from "Scale Priority" to "Value Supreme", even not limited to the car making field. Recently, BYD announced making humanoid robots, perhaps starting to speed up the exploration and transformation towards technology companies outside the automotive congestion space, wanting to catch the new trend of AI.

Review

Currently, the domestic car market is declining, car prices are falling, and car company profits are declining. In such a big environment, car companies led by BYD face severe challenges while opening up a new round of continuous upward exploration of China's new energy vehicle industry. Going overseas is one of the breakthrough paths, but more importantly, how to find the key to value upward through technical innovation in this most competitive market in China.

(This article is original to "Heyan Yueche", without authorization, shall not be reproduced)

【Lead: May 2026, BYD delivered a sales report of over 380,000 units, among which overseas sales exceeded 160,000 for the first time; however, BYD's single-month sales historical peak remained at 514,800 units in December 2024, with 57,200 units exported that month. These two sets of data reflect that BYD, sitting in the top chair of the new energy sector, is undergoing structural changes. BYD that grabbed the export dividend, exports soared; meanwhile, the domestic car market is experiencing a change from incremental to stock even possibly to shrinking volume. Even BYD cannot escape the pain of involution, presenting the "double life" of the industry leader, half smooth, half rough.】

Author: Li Suwan

According to April imported new car registration data released by the Korean Association of Import Cars (KAIDA), Chinese brand registration volume surpassed Japanese brands in the South Korean market for the first time, ranking in the top three countries for imported car sales. Of note, BYD's sales of 2,023 units exceeded the combined sales of the three Japanese brands Lexus (1,079 units), Toyota (829 units), and Honda (66 units) (1,974 units). Korean media generally regard this ranking as an important signal of the shift in the structure of the imported car market in South Korea.

Directly raising the cloud sail to cross the vast sea, BYD's overseas market continued to maintain high growth in May this year. Passenger cars and pickups overseas sales reached 160,177 units, an 80.7% increase year-on-year, setting a new historical record. Seagull, Song PLUS, Yuan Series and other models continued to sell well, with SHARK pickup truck volume exceeding 4,000 units for two consecutive months. With the product matrix continuously enriching and the global layout continuing to deepen, BYD's globalization process is advancing rapidly.

Benefiting from overseas market pull, BYD's total sales increased slightly by 0.26% year-on-year in May this year, ending the consecutive 8 months of year-on-year decline, and continued to win the champion of Chinese automotive enterprises' new energy vehicle sales with 383,453 units. Thus far, BYD has remained in the first place of domestic new energy vehicle monthly sales for a consecutive 60 months.

Relying on the "systematic ecological export" strategy from technology, production, channels to brand, BYD is becoming more and more brave in the overseas market. However, BYD's life situation at this time is like two sides of a coin. It advances boldly in the overseas market, but encounters cruel new tests in the domestic market. The current monthly sales in China are almost halved compared to the peak period. Structural adjustments are a mixture of joy and worry, and BYD is once again standing at a critical crossroads.

Can BYD Weld the Highlight Moment?

In the new energy track, BYD is the undisputed "Di King" in China and even globally. So far, its cumulative new energy vehicle sales have exceeded 16.5 million units. In recent years, while a group of international traditional car giants failed in the transition to electrification, leading enterprises such as "Di King" drove China's automotive industry to accelerate overtaking on a bend.

BYD's boss Wang Chuanfu has a forward-looking strategic vision, allowing this car company to catch the dividends of new energy and export two wind vane points. Relying on Blade Battery, DM-i Super Hybrid, e Platform and other full-stack self-developed systems, BYD has built cost moats that many car companies cannot cross through vertical integration of the industry chain, quickly grabbing the pure electric and hybrid market, gradually mastering strong pricing power in the 100,000-200,000 yuan main force model market, and further diluting R&D and production costs with scale effects, constantly pushing the cost advantage to the extreme.

While holding the "Price Slaughter Knife" to expand in the domestic car market, BYD also accelerated its extension of its entire industry chain layout, full-stack self-research, and cost advantages to the overseas market, precisely adapting to the needs of global diversified markets with a full price product matrix. In Southeast Asia/South America/Middle East markets, Yuan PLUS (ATTO3), Seagull focus on entry-level commuting, cost-performance ratio crushes Japanese fuel small cars, BYD's market share in Brazil's EV market exceeds 70%; in European and other markets, Seal, Song PLUS, Sea Lion 07EV constitute a core competitive matrix against Volkswagen ID series, Tesla Model 3/Model YCore Competitive Matrix. BYD's high-end models are gradually breaking the overseas market's stereotype that "Chinese cars rely on low prices", such as Denza focusing on European mid-to-high-end niche markets. Also, BYD commercial vehicle coordination, electric buses, forklifts go out simultaneously, such as Singapore electric bus market share exceeds 60%, passenger vehicles + commercial vehicles double pull local reputation.

Not only did products go out, BYD also accelerated localization of production globally, breaking tariff and delivery problems. Its four complete vehicle factories in Thailand, Brazil, Hungary, and Uzbekistan have started production, with Malaysia and Cambodia under construction. In addition, BYD's own RoRo fleet guarantees stable export capacity, solving industry sea transport bottlenecks, and signed top local automotive groups in each country as agents, gradually building thousands of brand direct + authorized stores in Europe, Southeast Asia, Middle East, and Latin America. With a set of combinations hitting, BYD's export has obviously accelerated.

After exports increased by about 1.4 times year-on-year in 2025 and broke the one million unit threshold for the first time, BYD's sales overseas continued to rise this year, largely buffering the pressure of BYD's sales decline in the domestic car market. However, for BYD to weld the highlight moment or even sprint to higher goals, it is inevitable to withstand the current cruel tests of domestic price wars backlash, narrowing technology advantages, and brand upward obstacles, breaking the dilemma of "defenders".

Can we find the key to value upward?

This year's domestic car market, how can it be described with a single word "hard". According to CPCA weekly report, national passenger car market retail in May was 1.545 million units, down 20% year-on-year, cumulative retail in the first 5 months of this year was 7.15 million units, down 19% year-on-year.

Due to weak consumption and car market shrinkage, car companies were forced to cut prices to grab market share, dozens of models collectively cut prices, exchanging price for volume diluted profits. At the same time, car companies also encountered unfavorable factors such as price increases in upstream lithium carbonate, non-ferrous metals and other raw materials. Price wars, high costs and weak demand are like three big mountains, further squeezing the profit space of the automotive industry. January to April 2026, automotive industry profit margin 3.4%, total profit 111.9 billion yuan, down 17% year-on-year, profitability pressure is still relatively large. In such a big environment, as the Leader BYD cannot be immune. In the first quarter this year, the company's net profit attributable to shareholders of the listed company was 4.085 billion yuan, down 55.38% from 9.155 billion yuan in the same period last year.

In the most competitive Chinese car market globally, in white-hot competition, BYD faces competitors like Geely Galaxy with nearly "pixel-level" benchmarking, plus the fierce attacks of new forces such as Leapmotor and Xiaomi, the difficulty to break the situation is not small. For example, Geely Galaxy's Xingyuan grabbed the Seagull's sales champion in the under 100,000 yuan niche market in 2025, in the 100,000 to 200,000 yuan core area, BYD even encountered more fierce encirclement and suppression by Leapmotor and other brands. Previously, BYD relied on Blade Battery and Super Hybrid to laugh off the Jianghu, but now Geely has Thor EM-i Super Electric Hybrid, SAIC has DMH, plus CATL's Qilin Battery, Shenhang Battery, Xiaoyao Battery and other technologies and products empowering many car companies, new energy sector hundreds of flowers blooming, BYD's technology is no longer unique. In addition, BYD also faces the challenge of user demand iteration. With new energy penetration rate exceeding 50%, the market moves from "trying new things" to "picky" stage, consumer car buying logic is also changing. BYD has room for improvement in smart cockpit, chassis tuning and other details, and its ride-hailing image is also difficult to support higher brand premium.

How to break the situation? BYD launches a combo, besides accelerating the promotion of globalization process, the more important measure is to focus on internal improvements, accelerate the iteration and upgrade of various technologies. In terms of intelligence, as of May 28, the number of BYD vehicles with assisted driving has exceeded 3.15 million units, Heavenly Eyes generates more than 200 million kilometers of data daily. On May 28, BYD announced the launch of urban pilot safety backup service, becoming the first car company in the world to realize both urban pilot and intelligent parking "double backup" at the same time. Three days after the conference, the daily active user volume of urban pilot for models equipped with Heavenly Eyes A, B assisted driving system increased by 50%. Previously, after the intelligent parking safety backup was launched, the function usage rate has increased from 21% to more than 90%. Wang Chuanfu said: "Dare to back it up, is true safety."

In the field of power technology, after the launch of the second-generation Blade Battery and Flash Charge technology, BYD is tightly rolling to continuously convert technological innovation into product competitiveness. Third-generation Yuan PLUS, Fang Cheng Bao Bao 5 Flash Charge version, Bao 8 Flash Charge version, Denza N9 Flash Charge version and other models have successively launched. At the same time, Dynasty Network Great Tang will be launched in mid-June, Denza N8L Flash Charge version, Seal 08, Sea Lion 08 will also be launched successively, further expanding BYD's Flash Charge product matrix.

In addition, BYD increased the intensity of high-endization, Denza, Fang Cheng Bao and Yangwang gradually have results, May Fang Cheng Bao, Denza combined sales 46,489 units. Among them, Fang Cheng Bao sales 30,186 units, up 139.7% year-on-year, creating a new high this year; Denza sales 16,303 units, continuing to maintain growth trend; Yangwang sales 286 units, up 105.8% year-on-year. The three high-end brands join forces, finally breaking the bottleneck of their proportion in BYD's total sales of less than one tenth.

Although the cruel fact is if export volume is excluded, BYD's sales in the domestic market in May are still far from the peak period, but its total sales year-on-year bottoming out slightly rising is still a positive signal. BYD is empowering products through new technologies such as second-generation Blade Battery and Flash Charge. With the "Great Tang" known as the most cruel "Value Assassin" in the full-scale market, holding 100,000 pre-sale orders, coming soon, and other new models successively launched, BYD is launching a new round of offensive value upward. It has come to a critical crossroads again, needing to use patience, wisdom and courage different from the past to deal with this profound change from "Scale Priority" to "Value Supreme", even not limited to the car making field. Recently, BYD announced making humanoid robots, perhaps starting to speed up the exploration and transformation towards technology companies outside the automotive congestion space, wanting to catch the new trend of AI.

Review

Currently, the domestic car market is declining, car prices are falling, and car company profits are declining. In such a big environment, car companies led by BYD face severe challenges while opening up a new round of continuous upward exploration of China's new energy vehicle industry. Going overseas is one of the breakthrough paths, but more importantly, how to find the key to value upward through technical innovation in this most competitive market in China.

(This article is original to "Heyan Yueche", without authorization, shall not be reproduced)

Chinese car companies going global are becoming increasingly powerful; recently even Singapore, this "classic petrol paradise", has been captured by Chinese cars in the last two years.

In Q1 2026, the share of pure EVs in new car sales in Singapore surged to 57.6%. This is the first time in history that pure EVs sold more than the combined total of petrol cars and hybrids.

What does this mean? Now when people buy cars, EVs have become the default first choice.

This shift is directly reflected in the sales rankings; I organized a table to make it clearer:

From this list, you can most intuitively feel the impact of Chinese brands.

In the top 10, Chinese brands took four seats. Besides BYD at the top, Chery, GAC, and MG broke into the top 10 for the first time collectively, directly squeezing out several old rivals from Korean and Japanese series.

What's more terrifying is the overall momentum. In January 2023, the market share of Chinese brands in Singapore was a pitiful 3.3%; by February 2026, this figure surged to 39.5%.

A 10-fold leap over three years, this is no longer "grabbing a piece of cake", this is simply "making a whole new table of dishes".

And this is not the end. By April, the monthly market share of Chinese brands even surged to 48.5%, just a step away from half the market.

Behind this is the collective charge of more than ten brands such as Zeekr, XPeng, Dongfeng, and Leapmotor. It can be said that in Singapore, buying Chinese cars has become a very mainstream, even fashionable thing.

So, do you know which Chinese car models Singaporeans love to buy the most?

I did some research; the following models are currently the undisputed "stars":

BYD Atto 3: This is BYD's absolute mainstay. It can be said that it alone drove the entire EV trend in Singapore. It was the sales champion for 14 consecutive months in Singapore; just knowing that tells you how deeply rooted it is locally.

Chery Omoda E5: This is Chery's "secret weapon" for breaking records. From selling 90 units a month to 600 units in a quarter, it relies on this precisely positioned electric SUV.

GAC Aion Y Plus: GAC's sales are almost entirely supported by it. Its advantage is: competitive price, and it perfectly fits the standard for Singapore's Class A Certificate of Entitlement, immediately lowering the car purchasing threshold.

MG 4 Electric: This hatchback electric small car sold very well in Europe, and it is the same in Singapore.

It looks stylish, handles flexibly, and has a fair price, making it especially popular among young people.

Honestly, the explosion of Chinese brands in Singapore absolutely did not rely on the old impression of "dumping low prices".

First, they fully mastered the policy. The Singapore government offers up to 30,000 SGD in subsidies for EVs, but levies a surcharge of up to 35,000 SGD on high-emission vehicles.

With this inflow and outflow, it is clear who is more cost-effective. Chinese brands are also smart, focusing on models that meet the Class A Certificate of Entitlement standards, directly saving users a large sum of money.

Second, the product power has truly improved. In a mature market like the Lion City, consumers are very shrewd. Now Chinese EVs, range anxiety is basically solved, and charging networks are expanding rapidly. Most importantly, for the same money, the infotainment system, intelligent assisted driving, and that smooth large screen you get offer an experience far superior to Japanese or even German cars at the same price.

Finally, it is a shift from "single combat" to "group fight". Previously relying on just BYD, now Chery, GAC, Zeekr are all here, forming a brand matrix.

When everyone goes into the store and sees, everywhere are Chinese cars, this "momentum" rises. On the contrary, old brands like Mercedes-Benz and BMW, although also good cars, clearly lagged half a beat in reaction speed to electrification. Sales dropped nearly 40% year-on-year, this is the most direct price.

Looking forward, although the Singapore market is not huge, only over 50,000 vehicles a year, it is the benchmark for Southeast Asia.

Being able to stand firm in Singapore is like holding a "passport" to the global high-end market. For Chinese car brands, this is not just selling cars, but also proving brand value.

The upcoming battle is about competing in service, charging ecosystem, and user reputation. However, from what we see now, Chinese brands have already run far ahead; traditional car companies really need to step up their game.