The UK has now become Chinese EV giant BYD Co. Ltd.'s (OTC:BYDDY) (OTC:BYDDF) largest international market as Tesla Inc. (NASDAQ:TSLA) sales continue plummeting in Europe.
BYD Sales Increase Ten-Fold
The company sold 11,271 vehicles in the UK during September, much higher than the 1,150 units it sold in the region during September last year, The Financial Times reported on Monday. BYD's current EV market share in the UK stands at 3.6%, second to Tesla, the report said.
The company aims to become the UK's biggest EV and PHEV company, with the UK manager Bono Ge saying that BYD wants "to see steady growth and . . . we want people to see we are a technology company," the report said.
BYD's UK Growth, Tesla's Sales Fall
The news comes as BYD had recorded a more than 300% surge in the UK during July, selling 3,184 units in the country, with rival Tesla selling 987 units during the same period in the region, down from 2,462 units in the UK last year.
Tesla's sales also fell by more than 25% in the Italian market, according to data released by the authorities in Italy, as the EV giant sold 1,450 units in the region during September.
BYD Expects Overseas Surge, Cuts Annual Forecast
BYD also says it is expecting a growth in its overseas sales, with the overseas market representing anywhere from 800,000 to 1 million, representing about 20% of its total deliveries. The company is also planning to introduce China-developed models in overseas markets.
Meanwhile, the Chinese automaker also cut its annual production forecast by over 16% to 4.6 million units. The earlier target was 5.5 million units. The automaker also recorded a 30% decline in profits domestically in China.
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