Chinese car giant BYD is not afraid of trade tariffs in the automotive industry, but instead expects a significant increase in sales outside its home country. In connection with the latest quarterly report, the company's vice CEO, Stella Li, states that in the future, sales outside China's borders will account for more than half of the company's revenue.
The company does not want to specify when this goal will be achieved, currently the foreign market only accounts for 14 percent of BYD's total sales. However, the company has, in addition to a factory in Thailand, also planned facilities in Hungary, Brazil, and Turkey.
A challenge for the company, which is now the world's largest car manufacturer, is the trade tariffs imposed on Chinese electric cars in both Canada and the USA. However, the second quarter results show a significant profit and revenue increase. While BYD's profit increased by 33 percent compared to the same period in 2023, revenue increased by 26 percent.
