BYD Australia Dealer Check: From Build-Out to Breakout

Research evidence excerpt

BYD Australia Dealer Check: From Build-Out to Breakout

In addition, BYD’s vertically integrated supply chain particularly its ^Prior trading day's closing price unless otherwise

owned ro-ro fleet has compressed delivery cycles to ~3 months during peak demand amid the noted.

oil price hike, which enables aggressive share expansion toward its 25% target in Australia

market without building excessive order backlog.

Exhibit 1 - BYD's Model Monthly Sales in

Demand remains resilient, with volumes largely secured through Oct. The store manager Australia

9,000expects BYD to sell ~90k units for FY26 (vs. an Australian passenger car TAM of 1.1-1.2m). 8,000

7,000March saw an order spike driven by higher fuel prices; while foot traffic has since 6,000

5,000normalized, it remains ~2x Jan/Feb levels. The current order book covers 4-5 months of 4,000

3,000deliveries, implying volumes are largely secured through Oct. Policy wise, the removal of PHEV 2,000

1,000FBT exemption in March 2025 led to a brief dip, but volumes have since recovered above pre- 0

removal levels. A similar pattern is expected if BEV exemptions are phased out, with ST volatility 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 2025-04 2025-05 2025-06 2025-07 2025-08 2025-09 2025-10 2025-11 2025-12 2026-01 2026-02 2026-03 2026-04 2026-05

followed by a return to growth. . Dolphin Mini/ATTO 1 Dolphin Seal ATTO 2 ATTO 3 Sealion 05 Sealion 6 Sealion 07 Sealion 08 Shark 6

Source: Marklines, Jefferies

Product lineup and positioning.BYD’s lineup spans entry to higher-value segments The Atto

Exhibit 2 - China OEMs took c.27% m/s in

series anchors volume, with Atto 1 as the lowest priced EV and Atto 2 seeing strong early Australia Market in May-26