Competing for The Top Five Overseas Expansion: BYD Surges, Geely Ranks Fifth

    Amidst fierce competition in China’s domestic new energy vehicle (NEV) market, industry giants are accelerating their expansion overseas.

    Based on January sales data compiled, the top five automakers in vehicle exports for January are Chery Auto, BYD, SAIC Motor, Changan Automobile, and Geely Auto. While analyzing January’s figures, let’s briefly review the overseas journeys of these five leaders.

Chery Auto, the undisputed export champion, shipped 81,000 units in January, down 10.3% year-on-year. Despite the decline, it retained its top position.

Recent data from Chery Holding Group shows the company achieved record-breaking sales of 2.6039 million units in 2024. Domestic sales totaled 1.4593 million units, up 55.5% year-on-year, while exports reached 1.1446 million units, a 21.4% increase. This marks a new milestone for Chinese automaker exports, with Chery maintaining its position as China’s top passenger vehicle exporter for 22 consecutive years.

As early as 2001, when most automakers were still battling domestically, Chery began its overseas expansion. In 2005, fueled by affordable models like the Fengyun and QQ, it exported 18,000 units to claim the export crown. By 2010, exports surpassed 100,000 units. In 2023, Chery secured its 21st consecutive year as China’s top passenger vehicle exporter.

BYD, the private-sector giant, took second place in January exports. The company shipped 70,000 units last month, surging 91.5% year-on-year. BYD officially launched its passenger vehicle global strategy in 2021, starting with Norway. In 2022, it entered Japan and partnered with Europe’s largest dealer, Hedin Mobility, to access Sweden and Germany. Despite its late start, BYD’s overseas growth has been rapid. In June 2024, its Uzbekistan factory began mass-producing NEVs.

SAIC Motor ranked third, with overseas sales (including overseas production) reaching 68,916 units in January, up 7.39% year-on-year. SAIC began exploring exports in 2008. By 2015, it accelerated its global footprint, establishing three overseas R&D hubs in London, Silicon Valley, and Tel Aviv, and three production bases in Thailand, Indonesia, and India. In 2018, SAIC’s exports and overseas sales hit 277,000 units, up 62.5% year-on-year.

To support surging exports, SAIC has invested in its own roll-on/roll-off (RoRo) ships. On January 17, 2024, its custom-built vessel, SAIC Anji Shencheng, embarked on its maiden voyage. Notably, BYD and Chery also launched their first RoRo ships in January 2023, making them the only three Chinese automakers with dedicated vehicle carriers.

Changan Automobile claimed fourth place, exporting 62,016 units in January, a 33.02% year-on-year increase. Changan initially exported commercial vehicles as early as 1991 but only began passenger vehicle exports in 2012. Its overseas expansion gained momentum in 2019. In 2024, Changan’s overseas sales soared by over 47% year-on-year.

Geely Auto ranked fifth, with January exports of 26,800 units—a significant gap compared to the top four—and a modest 2% year-on-year growth. Geely began its overseas push in 2003, with rapid development following its acquisition of Volvo from 2010 to 2019.

Finally, here are the China Association of Automobile Manufacturers (CAAM) January sales figures: Exports of traditional fuel vehicles fell 6.6% to 320,000 units, while NEV exports jumped 49.6% to 150,000 units.

Domestically, January vehicle sales totaled 1.953 million units, down 2.1% year-on-year. Traditional fuel vehicle sales dropped 15.1% to 1.16 million units, while NEV sales rose 26.2% to 793,000 units. NEV passenger car sales grew 25.9% to 756,000 units, and NEV commercial vehicles climbed 31.4% to 37,000 units. The main price range for NEV passenger cars was RMB 100,000–200,000, accounting for 397,000 units sold.