July was another month in which Chinese EV manufacturer BYD recorded a monthly sales increase for the third straight month, with healthy sales abroad helping to compensate for sluggishness at home. The three-month winning streak illustrates that foreign growth is becoming an increasingly significant factor in overall sales results for the firm, despite the tough domestic competition in China.

Total BYD Sales Rise Nearly 22%

However, total sales increased by 21.8% year-over-year to hit 419,211 units last month, based on the announcement made by the car manufacturer over the weekend. For the record, this is the third consecutive month of yearly increase in BYD sales, which indicates an unambiguous upward trend in the company’s deliveries amid difficult conditions in the domestic Chinese EV market.

The most impressive number reported by July's figures was BYD's performance abroad. The sales of automobiles and pickup trucks rose by 124.3% in July year on year, with the total number reaching 179,841 units. In other words, the company managed to double its foreign sales within one year. This trend is now becoming an essential factor in the growth of the company, which helps to minimize the effects of the domestic market saturation.

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In last month’s annual shareholder meeting held in Shenzhen, Wang Chuanfu, chairman of BYD, announced a very lofty target of becoming the biggest automaker in the world within the next five years. This was after the drop in the share price of BYD during the year, and he wanted to use the promising sales growth to assure the investors that everything was okay.

Specifically, Wang identified robust export growth and technological progress as factors responsible for such a desire. The improvement of batteries and their ability to charge rapidly was seen by him as an integral part of the company's approach, which implies that future success in these fields is vital for the company if it wants to keep up the good work and compete with existing international automobile brands.

Given the fact that the trend of increasing sales of BYD is currently entering its third month running, coupled with an increasing importance being attached to exports in their growth, it would appear that BYD is set to keep on growing its reach outside of China. Whether it will be able to use this progress in order to achieve Wang's ambitious target of becoming the largest automaker in the world within five years' time will depend on several factors.