BYD Co. Ltd. (BYDDY) is having one of those moments where the headline numbers look rough, but the story underneath is more interesting. The Chinese EV giant sold just over 420,398 vehicles in December, down 18.34% from the same month last year and off 12.45% from November's 480,186 units, which had been the year's best month. Not exactly the trajectory you want heading into the new year.

The International Expansion Story

Here's where it gets better: BYD's overseas sales told a completely different story. The company moved 133,172 units internationally in December, more than doubling last year's figure with a 133.01% year-over-year jump. That's the kind of growth that explains why BYD keeps pushing into new markets despite tariff threats and regulatory headaches.

The battery electric vehicle segment had a tougher time, with BEV sales down 8.19% year-over-year to 190,712 units in December. But zoom out to the full year, and things look considerably brighter.

Annual Numbers Hit Target

For all of 2024, BYD sold over 4.6 million new energy vehicles, including EVs, hybrids, and plug-in hybrids. That's a 7.73% increase year-over-year and right in line with the company's revised annual target. Battery electric vehicles specifically accounted for 2,256,714 units, surging 27.86% from the prior year.

Europe and China's Export Boom

BYD's European push is gaining serious momentum. November saw European sales rocket nearly 222% as the company expands its footprint and prepares to introduce a Kei car to the market, assuming EU regulators approve the E-Car class.

The broader Chinese export picture is equally compelling. Automakers shipped 199,836 vehicles out of China in December, up more than 87%. European exports from Chinese manufacturers grew 63%, and Chinese EVs now hold a record 12.8% share of Europe's EV market. That's a meaningful presence in what's becoming one of the world's most competitive electric vehicle battlegrounds.