Chinese electric vehicle manufacturer BYD has set its sights on becoming the world’s largest automaker within the next five years, intensifying competition in a global car market already undergoing rapid structural change.
Chairman Wang Chuanfu said the Shenzhen-based group expects to overtake rivals by scale by 2031, building on strong recent growth in both domestic and overseas markets.
The company sold 4.8mn vehicles in 2025, placing it seventh globally by volume, behind industry leader Toyota, which recorded 11.3m sales.
Despite its international expansion, BYD has faced a slowdown in domestic registrations in China, weighing on investor sentiment. The company’s Hong Kong-listed shares have fallen more than 45 per cent from their peak over the past year, while its Shenzhen-listed stock is down around 33 per cent.
At its annual shareholder meeting, Wang sought to reassure investors, pointing to continued investment in new models and battery technology as key drivers of future growth.
A central focus is the ramp-up of its second-generation Blade Battery, which the company has identified as a production constraint that must be resolved to support higher output volumes.
BYD has also been expanding its technological showcase abroad, including a demonstration of its “flash charging” system in the UK, which it says can recharge compatible electric vehicles in under 10 minutes using high-capacity charging infrastructure.
The company is preparing to broaden its European presence further with the launch of its Denza Z9GT model later this year, as it pushes into the premium segment of the EV market.
Wang told shareholders, according to Reuters, that BYD aimed to become “the No 1 automaker globally in terms of scale” within five years.
The group is already gaining traction in international markets including Brazil, the UK and Australia, with exports rising 65 per cent between January and May compared with a year earlier.
In the UK, BYD has captured an estimated 3.4 per cent share of the new vehicle market, reflecting rapid penetration for a brand that only recently entered the market.
To support further expansion, the company is exploring additional European manufacturing capacity in order to mitigate tariff exposure on Chinese imports and improve access to regional markets.
Executives said BYD would prefer to acquire existing production facilities rather than build entirely new plants, signalling a pragmatic approach to scaling its European footprint.
Stella Li, BYD’s executive vice-president, confirmed that production at a plant in Szeged, Hungary, is expected to begin in the fourth quarter, while discussions continue over a second European facility.
Hungary is currently the company’s primary focus for European production, although the group has also paused plans for a separate assembly plant in Turkey despite previously committing around $1bn to the project.
The shift towards localised European manufacturing reflects broader industry trends, as Chinese EV makers seek to navigate trade barriers and strengthen their position in mature automotive markets.
Analysts say BYD’s rapid expansion underscores the intensifying global competition in electric vehicles, where scale, battery technology and cost efficiency are becoming decisive factors in market leadership.
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