BYD overtakes Geely as oil shock charges global EV demand; overseas deliveries jump 76%

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.)