Latest BYD results expected to beat expectations

Analysts at JPMorgan Chase & Co. report local sales this year could hit 4m units

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Despite a slowdown in the broader electric vehicle market, Chinese car maker BYD is expecting strong annual revenue growth. Analysts at JPMorgan Chase & Co. report that the Shenzhen-based company expects domestic sales this year to come in between 3.5 million and 4 million units, representing a potential increase of up to 13%. These positive prospects exceed analysts’ expectations, which largely assumed flat or even slightly declining sales volumes.

BYD’s optimism is further fuelled by an aggressive international expansion strategy. The company aims to sell 1.5 million vehicles abroad, a 50% increase on the previous year. Combined with its domestic forecasts, BYD is targeting total global sales of between 5 million and 5.5 million units, a potential rise of up to 20%.

According to JPMorgan analysts, BYD’s growing confidence is due to the ‘solid order flow’ for new models with ultra-fast charging technology. These include the Great Tang, a six-seater SUV unveiled last month at the Beijing auto show.

To support its ambitious global sales targets, BYD is adjusting its international product mix. Plug-in hybrids now account for more than half of foreign sales in the first four months of the year. In addition, models specifically for Europe are in development.

Foreign sales rose by 71% in April, driven by rising petrol prices after the war with Iran and renewed consumer interest in electric vehicles. However, weakening demand in China led to an eighth consecutive month-on-month decline in total deliveries. Analysts forecast that by 2026 foreign sales will account for around 60% of BYD’s vehicle revenue.

Ireland’s EV market rebounded in 2025, with electric vehicle registrations up 64% in year to date versus 2024. According to Geotab’s analysis of European Automobile Manufacturers’ Association data, Ireland recorded the 14th highest level of growth in sales of battery electric vehicles across the EU 27 during the first quarter of 2025.

Business AM

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