BYD Shares Surge Following Record November Exports That Beat Market Projections

On Tuesday, December 2, 2025, the stock market saw an uptick in the trading of BYD Co. shares in Hong Kong. This positive movement followed the release of November sales figures that significantly surpassed analyst expectations, largely driven by a massive surge in international shipments. While the Shenzhen-based automotive giant solidified its standing on the global stage, its domestic rivals, Nio Inc. and Xpeng Inc., experienced share price declines after their own November delivery numbers failed to meet prevailing market forecasts.

BYD reported that its total sales volume for New Energy Vehicles (NEVs) reached 480,186 units throughout November 2025. Although this figure represented a slight decrease of 5.25% compared to November 2024, it marked the highest monthly result the company has achieved so far this year. The engine powering this success was clearly its international division, where exports soared to a record 131,935 units. This represents an astonishing year-over-year increase of 325% from the 30,977 units shipped in November 2024. This exceptional export performance is crucial, as BYD has previously targeted shipping between 800,000 and 1 million vehicles outside of mainland China by the close of 2025, which is intended to account for roughly 20% of its total annual goal of 4.6 million units.

By the end of November, BYD’s cumulative sales for the 2025 calendar year had climbed to 4.18 million vehicles. This trajectory confirms the feasibility of the company’s stated export ambitions, as noted by the analytical team at Morgan Stanley. Within the domestic Chinese market, results were mixed. Sales of Battery Electric Vehicles (BEVs) actually grew by 20%, reaching 237,540 units. However, deliveries of Plug-in Hybrid Electric Vehicles (PHEVs) saw a year-over-year contraction of 22%. This strategic pivot toward exports and BEVs mirrors a broader trend among Chinese automakers seeking to mitigate risks associated with the increasingly fierce competition within their home market.

In sharp contrast to BYD’s momentum, investor sentiment soured for its competitors. Nio Inc. announced deliveries totaling 36,275 units for November, a 76.3% increase from the previous year, yet this number fell short of what the market had anticipated. Similarly, Xpeng Inc. delivered 36,728 smart electric vehicles, representing a 19% year-over-year improvement, but this result also failed to satisfy market expectations, leading to a dip in its stock price. It is worth noting that both Nio and Xpeng had achieved record sales figures in October 2025, highlighting the volatility inherent in the November reporting period.

BYD’s calculated strategic shift toward global expansion is significantly bolstered by its proprietary logistics infrastructure. The company now operates a fleet of eight car carriers, including the largest vessel capable of transporting 9,200 vehicles, which streamlines international shipping and reinforces its global footprint. This robust international growth validates BYD’s capacity to meet its export targets, even as the overall pace of sales growth in China appears to be moderating, suggesting the end of an era of hyper-expansion. The November statistics clearly indicate that international markets are becoming an indispensable component for leading Chinese manufacturers aiming to sustain their growth trajectory heading into 2026.

Furthermore, to localize production within Europe and preempt potential European Union tariffs, BYD is actively constructing a major manufacturing facility in Szeged, Hungary. The completion of this plant is scheduled for the end of 2025, marking a significant step in its international manufacturing strategy.