Let’s first look at the total sales and overseas sales of the “top four” domestic brands (BYD, Geely, Changan, and Chery) last year, and then compare them with the latest data this year.
BYD sold 4.602 million vehicles in the year, with 1.05 million sold overseas, accounting for 22.8% of total sales.
Geely sold 3.025 million vehicles in the year, with 420,000 sold overseas, accounting for 13.9% of total sales.
Changan sold 2.913 million vehicles in the year, with 637,000 sold overseas, accounting for 21.9% of total sales.
Chery sold 2.613 million vehicles in the year, with 1.294 million sold overseas, accounting for 49.2% of total sales.
As a long-established leader, Chery’s overseas market share is close to half, and it has been the number one Chinese independent brand in exports for 23 consecutive years.
Geely has the lowest overseas sales share, but it still reaches 13.9%. The other two are at the average level, but BYD has the fastest growth rate (exporting 417,200 vehicles in 2024, accounting for less than 10%).
Let’s take a look at the latest data for this year (January-April):
BYD sold 1.021 million vehicles, with 454,000 sold overseas, accounting for 44.5%, nearly half, an increase of over 20 percentage points compared to last year.
Geely sold 944,200 vehicles, with 286,000 sold overseas, accounting for 30.3%, an increase of over 15 percentage points compared to last year.
Chery sold 853,000 vehicles, with 570,000 sold overseas, accounting for 66.7% of its total sales, an increase of over 20 percentage points compared to last year.
Changan sold 765,000 vehicles, with 280,000 sold overseas, accounting for 36.6% of its total sales, an increase of over 14 percentage points compared to last year.
As can be seen, exports among the top four companies have increased significantly, starting at 10 percentage points. It’s worth noting that export profits are far higher than domestic profits.
Why did exports increase starting last year, and then explode at the beginning of the new year?
Last year’s growth was mainly due to the US’s tariff trade war against all its trading partners and the rise of China’s new energy vehicle industry.
Take Tesla as an example: its sales in the European market declined for 13 consecutive months, with Chinese brands taking the majority of its market share. What happened to Tesla? Its European sales declined sharply for 13 consecutive months.
This year’s explosive growth had a turning point: the surge in oil prices following the US-Israel military action against Iran on February 28th, which jumped crude oil prices from approximately $70 per barrel to around $120 per barrel.
The advantages of Chinese-branded new energy vehicles were immediately apparent, with some countries even experiencing supply shortages. High oil prices boosted BYD’s overseas sales, with over 80 vehicles sold in New Zealand in a single day.
Currently, all four companies are accelerating their overseas expansion, with localized factories already in operation or under construction in Europe, Southeast Asia, and South America.
