BYD started to report overseas sales in July 2022.
So we have the first YoY quarterly number: over 300% yoy growth! (over 4x)
Overseas volume as % of total volume grew from 3% in 2022q3 to 8.6% in 2023q3 – still looks to be a low number.
UBS claimed that BYD has “a sustainable ~25% cost advantage for BYD over legacy competitors”. (Sep 2023)
A few days after UBS report, EU launched investigation into Chinese EV subsidies.
Meanwhile, as Bernstein and WSJ pointed out, not all of those come from Chinese automakers; Tesla, and other European JVs in China exported a ton. Bernstein’s number says Tesla’s export from China to EU is 10x BYD’s.
BMW’s China JV reported that it exported 16,595 units, mainly X3 BEV models, to overseas in the first half of 2023 (didn’t say where, but Bernstein puts BMW China JV EU export number higher than BYD’s EU export).
Unlike French peers, German carmakers still sell a lot of ICE cars in China, and exported EV from China JVs. So Scholz is taking a different view vs. Macron. That’s just one of the issues the two need to reconcile/solve – the other two issues are energy bills and defense, laid out by Politico.