BEIJING — BYD says it can sustain growth without the United States market as rising fuel prices linked to the Iran conflict accelerate global demand for electric vehicles.
Speaking at the Beijing Auto Show, BYD Executive Vice President Stella Li said the company is expanding rapidly in markets such as Europe, the United Kingdom and Brazil, where higher oil prices are pushing consumers toward EVs.
China remains the world’s largest producer of electric vehicles, and its manufacturers are benefiting from growing demand across Asia and beyond. BYD, which overtook Tesla in global EV sales, is at the centre of this shift.
Demand surge strains supply
The company said demand for its vehicles currently exceeds supply, highlighting strong global interest in EVs as fuel costs rise. Officials noted that consumers are increasingly turning to electric vehicles to reduce daily expenses.
BYD is also promoting its new fast-charging technology, which significantly reduces charging time and aims to address one of the main barriers to EV adoption.
Expansion beyond US market
Chinese EV makers continue to face tariffs and regulatory barriers in the US, but BYD said its strategy focuses on regions where demand is expanding.
The company said it is gaining market share in Europe and other regions by competing on both technology and cost, including advancements in batteries, charging systems and integrated platforms.
Competition intensifies
The Beijing Auto Show, now one of the largest global auto events, showcased rapid innovation across the industry, with Chinese manufacturers leading in EV development.
Global automakers such as Volkswagen, Toyota and Ford are increasingly collaborating with Chinese firms to remain competitive.
Despite strong overseas growth, competition within China remains intense, with price pressures affecting domestic sales. BYD’s international expansion, however, continues to drive overall growth.
Also read: BYD rolls out free home charger offer to boost EV adoption in Pakistan
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