Overview
- China’s exports of electric and hybrid cars hit a record 349,000 in March, up about 140% from a year ago, with BYD responsible for roughly one-third of the total, according to CPCA data.
- Higher fuel costs after the Iran war pushed oil above $100 a barrel and nudged buyers toward EVs, with BYD’s Australian distributor reporting 50% more inquiries and New Zealand and South Korea posting sharp gains in registrations.
- BYD raised its internal 2026 overseas sales goal to 1.5 million vehicles, and its chairman said the Strait of Hormuz disruption is taking overseas demand to “another level.”
- China’s home market weakened at the same time, as March sales of new energy cars fell 14% and BYD’s domestic sales dropped by more than 40%, reflecting tighter subsidies and a price war.
- Investor interest followed the export surge, with BYD shares rising in Hong Kong and battery giant CATL up since the conflict began, while analysts pointed to China’s battery supply chain and the prospect of easier market access in places weighing tariff relief.