BYD overtakes Geely as oil shock charges global EV demand; overseas deliveries jump 76%
Chinese electric-vehicle maker BYD has retaken the top spot from Geely in its home market after the US-Israel war on Iran pushed oil prices higher. The Shenzhen-based company's overseas deliveries jumped 76% year-on-year in the second quarter.
According to the South China Morning Post, BYD lost its title as mainland China's largest automaker to Geely in the first quarter of 2026. The Shenzhen-based maker rebounded as global oil prices spiked in May and June. In May, BYD delivered 405,000 vehicles in the domestic market, ahead of Geely's 387,000. Sales of the CATL-battery-equipped Yangwang U8 reached a record.
The momentum in overseas markets is more striking. BYD's second-quarter deliveries to Europe, Brazil, Thailand and Australia rose 76% year-on-year to 280,000 vehicles. In Europe, the Dolphin Mini and Atto 3 are positioned with about 22% lower total cost of ownership than fossil-fuel rivals. The new factory in Bahia, Brazil is running at full capacity.
BYD chief financial officer Stella Li announced on the investor call a plan to issue 12 billion yuan of bonds in the third quarter. The company's Hong Kong shares closed 4.8% higher at HK$318. UBS analyst Paul Gong raised the price target on BYD to HK$380. Tesla's global sales over the same period contracted by 3%. (Not investment advice.)
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