JAKARTA - After leading the market for new energy vehicles, BYD is now aiming for a bigger target, namely to become the world's largest car manufacturer by 2030. This ambition will be pursued through the Chinese market, overseas expansion, and local production in a number of countries, including Indonesia.
Yicai Global quoted Thursday, June 11, reported that BYD Chairman Wang Chuanfu conveyed the target at the company's annual shareholders meeting in Shenzhen.
According to Wang, BYD wants to lead global car production and sales in five years. He said that technological capabilities are BYD's main weapon to develop both domestic and international markets.
BYD has just released its second-generation blade battery and fast charging technology. The technology is said to be able to answer two of the main complaints of electric car users: mileage and long battery charging time.
New energy vehicles or NEV include electric cars and vehicles based on alternative energy technologies.
Wang said BYD will also launch several new exclusive technologies in the next two years.
Since stopping production of gasoline-powered cars in 2022, BYD has led global NEV sales for four consecutive years.
BYD's global sales rose 8 percent to 4.6 million units last year. That position puts BYD in fifth place globally. Toyota is still at the top with sales of more than 10 million units for five consecutive years.
Domestically, China's car market has weakened. Wang said sales fell in the first quarter after NEV purchase tax incentives were adjusted.
The tax incentive was cut from 10 percent to 5 percent since January 1, with a maximum exemption limit of 15,000 yuan or about 2,210 US dollars per vehicle.
Data from the China Passenger Car Association showed retail sales of cars fell 19 percent to 5.67 million units in the first four months of 2026 compared with the same period last year.
BYD was also affected. The company sold 700,463 cars in the first quarter, down 30 percent year-on-year. However, sales began to improve in April to 321,123 units. In the following month, deliveries reached 383,453 units, almost the same as the previous year.
As the domestic market slows, BYD is accelerating its overseas expansion. Vehicle shipments to international markets jumped 81 percent to a record 160,177 units last month.
According to Yicai Global, Wang said BYD now has a premium image in overseas markets. He estimates the company's international sales will exceed its initial target of 1.5 million units this year.
BYD's expansion is supported by local production. The company has a factory in Brazil for the South American market. The factory in Hungary for Europe will soon be operational. The Thai factory is already running for Southeast Asia.
Meanwhile, BYD's factory in Indonesia is said to be approaching the start of production.
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