Chinese OEMs‘ Overseas Sales in May

Research evidence excerpt

Chinese OEMs‘ Overseas Sales in May

Update

June 30, 2026 02:10 AM GMT

Morgan Stanley Asia Limited+MChina Autos & Shared Mobility | Asia Pacific Tim Hsiao

Equity Analyst

Chinese OEMs' Overseas Sales Tim.Hsiao@morganstanley.comPeggy Wang +852 2848-1982

Research Associate

Peggy.Pc.Wang@morganstanley.com +852 3963-3934

in May Shelley Wang, CFA

Shelley.Wang@morganstanley.com +852 3963-0047

Key Takeaways Joey Xu, CFA

Major OEMs delivered MoM sales growth in May across their key overseas Joey.Xu@morganstanley.com +852 3963-0337

markets, particularly Brazil and Thailand.

BYD, Geely, and GWM gained shares in Brazil and Thailand, while their market

shares in Australia were largely stable.

Notably, BYD's market shares in major EU markets inched higher, while others

were stable. China Autos & Shared Mobility

Asia Pacific

Europe sales stayed robust and could advance further with EU tariff risks Industry View In-Line

looming again.

BYD (1211.HK/002594.SZ): Brazil and Australia remained BYD's largest overseas

markets in May. Brazil sales grew 19% MoM to 21.5k units (market share up 0.3ppt

to 10%), while Australia sales increased 6% MoM to 8.7k units (market share

broadly stable at 11%). Europe sales more than doubled YoY with UK sales up 70%+

YoY.

Geely (0175.HK): Brazil sales grew 29% MoM to 5.2k units (market share up 0.3ppt

to 2.4%), while Australia sales increased 22% MoM to 3.7k units (market share up

0.6ppt to 4.8%). Meanwhile, Mexico sales grew 5% MoM to 4.6k units, with market

share remaining flat at 3.6%. Europe sales were up 130%+ YoY.

GWM (2333.HK/601633.SS): Brazil sales grew 46% MoM to 7.2k units (market

share up 0.7ppt to 3.3%). Australia sales declined 1% MoM to 4.7k units (market

share down 0.4ppt to 6.1%).