BYD's "going global" business is flourishing.

In January of this year, BYD's first car carrier ship started operations. In October, BYD's second car carrier ship set sail. In November, BYD's overseas sales exceeded the 0.5 million mark for the second consecutive month... Clearly, BYD's overseas sales are getting stronger. So, what are the main export countries for BYD?

On December 5th, Morgan Stanley strategist analyst Tim Hsiao and his team published statistics on BYD's main export countries. Brazil, Thailand, and Australia are the top three, in addition, BYD has recently regained momentum in the European market, and is actively promoting local production in Southeast Asia and Latin America.

Morgan Stanley stated that Brazil remains BYD's largest export country so far this year.

BYD's announcement shows that Brazil accounts for 30-35% of BYD's total overseas sales, and accelerated further in October this year. In October, BYD's sales in Brazil totaled 7,200 vehicles, a significant increase compared to the previous monthly 5,000 to 6,000 vehicles.

Thailand and Australia are BYD's second and third largest export countries respectively.

After the BYD Atto 3 model made its first appearance in Australia in February 2022, it was well-received. Over the past few months, Australia has become one of BYD's top three markets globally.

In addition, BYD recently applied to register the Atto 3 Up trademark in Australia and New Zealand. Morgan Stanley believes this indicates BYD's intention to launch a more affordable electric SUV model locally.

In addition to the top three export countries, BYD has recently regained momentum in the European market.

Despite the increasing protectionism in Europe, in September and October, BYD's monthly delivery volume in Europe surged to 5,000 to 6,000 vehicles, compared to only 3,000 to 4,000 vehicles in the earlier months of the year.

Specifically, the United Kingdom remains BYD's largest market in Europe, with EU countries accounting for over 70% of BYD's sales volume in the European market.

Furthermore, BYD is actively promoting localized production in Southeast Asia and Latin America.

Due to escalating geopolitical tensions, BYD has announced plans to establish local production bases in Thailand, Brazil, Uzbekistan, Hungary, Indonesia, Turkey, and Cambodia.

According to Morgan Stanley citing management at BYD, the factories in Thailand (with a capacity of 0.15 million vehicles) and Uzbekistan (with a capacity of 0.05 million vehicles) have already begun production, while production bases in Brazil and Hungary are expected to be operational by the end of 2025.

Morgan Stanley expects these to become key electric vehicle production centers for BYD in Southeast Asia and Latin America in the next decade.