Shanghai/London (Reuters) – Byd, aims to sell half of its vehicles out of the Chinese market by 2030, a massive increase that would make the country’s first automaker in the first order competitor for the largest world car groups, according to four sources close to the file.

This growth would be carried by an expansion in Europe and Latin America, these sources said, while Byd and the other Chinese brands remain excluded from the American market due to trade barriers.

Since the end of last year, byd leaders have presented this objective for 2030 to investors in small groups, stressing that development in Europe is crucial to reach it, according to one of the sources close to the discussions.

This objective remains ambitious, even for a company with meteoric growth like Byd. Its domestic market represented nearly nine out of ten vehicles among the 4.27 million elapsed last year.

It is not known whether the sales objective communicated to investors included an estimate of the total volume of world sales in 2030.

Another source, which attended a private event with BYD leaders in Shanghai at the motor show last month, said that the group’s confidence is based on its explosive growth in China in the past five years, carried by affordable electric and hybrid vehicles.

Byd now estimates “having the right products to repeat its Chinese success in foreign markets,” said a third source, which was aware of the car manufacturer’s discussions with investors.

Byd did not respond to a comment request.

To reach the ambitious goal of selling half of its cars out of China would propel Byd, an actor still modest five years ago, in the leading peloton of world car manufacturers, alongside the giants Toyota and Volkswagen.

Byd dethroned Volkswagen last year as the first manufacturer in China, the largest automotive market in the world.

BYD global sales increased from less than 430,000 cars in 2020 to a level that places them just behind Ford and General Motors.

(Report Nick Carey and Brenda Goh; written by Victoria Waldersee and Katrina Hamlin in Shanghai, Giulio Piovaccari in Milan and Nora Eckert in Detroit; Noémie Naudin, edited by Augustin Turpin)

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