March sales exceed 300k units! Overseas surge of 65%, BYD solidifies its industry leadership position through technological investment and globalization

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(Source: Caixin)

The March vehicle market report is out. BYD has once again delivered a stunning performance. Monthly sales reached 300,222 units, strongly breaking through the 300,000 mark, ranking No. 1 on China’s automaker sales chart, and maintaining its position as the top new energy vehicle seller in China for 58 consecutive months; cumulative first-quarter sales reached 700,463 units, with total new energy vehicle sales exceeding 15.8 million units. With sustained market leadership, it further consolidates its position as the global leader in new energy vehicles.

Behind the impressive sales figures is the strategic achievement of BYD’s long-term commitment to high-intensity R&D investment and high-quality development. In 2025, the company’s R&D investment reached as much as 63.4 billion yuan, up 17.13% year over year, with average daily R&D spending of more than 170 million yuan; in the same period, average daily tax payments were about 150 million yuan. Its R&D intensity far exceeds the industry average. Cumulative R&D investment has surpassed 240 billion yuan, firmly keeping BYD as the “R&D King” among A-share listed companies. High investment rapidly converts into core technologies and product competitiveness, forming a virtuous cycle of technology, market, and social value.

March sales climb to new heights—double breakthroughs in globalization and high-endization

In March, BYD’s second-generation blade battery and flash-charging technology were officially implemented: at room temperature, it can be fully charged in 5 minutes, and topped up in 9 minutes; at low temperatures, at -30°C, it takes only 3 more minutes. It has thoroughly solved the industry’s challenges in charging efficiency and low-temperature adaptability, further widening the technology gap with peers, and has become one of the core competitive advantages driving sales growth.

Globalization and high-endization achieved breakthroughs along two lines, becoming a distinctive feature of BYD’s growth. In overseas markets, in March, overseas sales of passenger cars and pickups reached 119,591 units, up 65.2% year over year, setting a new high for the year. Models such as Song PLUS DM‑i and Yuan UP DM‑i have continued to sell strongly in overseas markets. As overseas production bases such as those in Thailand and Brazil gradually begin operations, the company further improves its global sales network layout. It is shifting from vehicle exports to integrated operations of localized R&D, manufacturing, and supply chains, promoting “Chinese smart manufacturing” new energy vehicles into more markets worldwide.

In the brand matrix, the Dynasty and Ocean series contributed core sales of 262,327 units, maintaining leading positions in their respective sub-segments; Fangchengbao delivered sales of 25,926 units, up 222%, establishing an advantage in the rugged off-road segment; the Denza and Yangwang brands are steadily trending upward. The second-generation Denza D9 has started pre-sales, while Yangwang sales grew by more than 130% year over year. This creates full-scenario coverage from mass-market to luxury market, and the product structure and profitability level continue to improve.

Outstanding 2025 annual results—long-termism lays a solid foundation

The impressive monthly sales stem from BYD’s deep accumulation from its long-term commitment to technological innovation and high-quality development. Looking back at 2025, BYD achieved revenue of 804 billion yuan, and net profit attributable to shareholders of 32.6 billion yuan, with total vehicle sales exceeding 4.6 million units. Overseas sales first surpassed the one-million mark, reaching 1.05 million units, up 145%; overseas revenue reached 310.7 billion yuan, with business covering 119 countries and regions worldwide. The combined sales of the Fangchengbao, Denza, and Yangwang brands totaled 397,000 units, up 109%, successfully breaking long-standing barriers for foreign brands in the high-end market.

Industry analysts believe that amid increasingly fierce industry competition, BYD’s growth logic has shifted from a scale-driven model to technology-driven, globalization-driven, and brand-structure-upgrading-driven. The technology barriers built by an average daily R&D investment of 170 million yuan, combined with the ongoing push for globalization and high-endization, will become a key support for the company to navigate industry cycles and maintain high-quality growth.

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