BYD's Overseas Sales Exceed 550,000 Vehicles, Catching Up with Chery and SAIC: Who Will Win This "Marathon"?

As of July this year, the overseas sales of Chinese car manufacturers have been gradually increasing. Chery, SAIC, and BYD have all surpassed the milestone of 550,000 vehicles sold overseas, drawing significant attention both inside and outside the industry. Chery is temporarily leading with overseas sales of 669,000 vehicles. BYD is experiencing the fastest growth but has a lower market share, while SAIC's MG brand has become the representative of Chinese car manufacturers in Europe.

Since embarking on its export journey in 2001, Chery has expanded into more than 110 countries and regions worldwide, achieving a cumulative overseas sales volume of 5 million vehicles. Leveraging long-term brand recognition and localized strategies in markets such as Southeast Asia and the Middle East, its overseas sales exceeded 110,000 units in a single month in July. However, despite impressive sales figures, Chery still shows a lack of strength in technological innovation. Compared with BYD, which has built a technological moat with its Blade Battery, and SAIC, which has achieved breakthroughs in intelligence with its "end-to-end" intelligent driving model, Chery has yet to develop disruptive core technological advantages within the industry.

SAIC Motor's overseas sales have also been outstanding, with particularly strong performance in the European market. The MG brand has successfully become mainstream in Europe, with nearly 180,000 units delivered to end customers from January to July. SAIC has deeply integrated into the local market by establishing a full industry chain system in Europe, covering R&D, design, marketing, and more. For example, the MG Cyberster shone brightly at the Goodwood Festival of Speed in the UK. However, competition in the European market is fierce, with countervailing duties and other trade barriers exerting continuous pressure. Additionally, local consumers have stringent requirements for new energy vehicles regarding driving range and charging convenience, placing significant pressure on SAIC to improve product profit margins while meeting user demands.

As a "rising star" in the new energy sector, BYD's overseas sales have grown at an astonishing rate, reaching 550,000 vehicles in the first seven months, a year-on-year increase of over 200%. Leveraging core technologies such as IGBT chips and high-end models like the Han and Tang, BYD has made a name for itself in the European market, with prices even higher than those in the domestic market. However, overseas sales account for only a little over 20% of BYD’s total sales, a significant gap compared to the overseas market shares of Chery and SAIC. In terms of overseas layout, BYD’s factory construction progress is lagging, with only the Brazil plant having rolled out its first vehicle, whereas Chery already operates more than 10 CKD assembly plants overseas.

In addition, automakers such as Great Wall, Changan, and Geely are also actively expanding in overseas markets. Great Wall's overseas sales account for more than 30% of its total sales, Changan has sold over 340,000 vehicles, and Geely has sold 210,000 vehicles. New forces like Leapmotor exported more than 20,000 vehicles in the first half of the year, with 80% of them sold to Europe. However, these automakers still lag behind the top three in terms of technological innovation, brand influence, and overseas presence.

With the implementation of policies and regulations such as Europe’s New Battery Regulation, higher requirements are being imposed on automakers’ supply chain carbon emissions and battery recycling. Some Southeast Asian countries have launched anti-dumping investigations, and trade protectionism is on the rise. Chinese automakers still face many challenges in their overseas expansion.