Chinese auto manufacturers BYD, Geely and Great Wall Motor recorded pronounced increases in their overseas vehicle registrations in March 2026, according to a Morgan Stanley analysis. Each company reported sizable month-on-month growth in registrations, with different regional mixes driving the gains.
BYD saw its overseas registrations rise by an estimated 35-40% month-on-month in March. The company expanded sales across Europe, Oceania and Latin America. Collectively, the UK, Brazil and Australia accounted for roughly 54% of BYD’s overseas sales during the month. In particular, UK registrations jumped to 15,000 units in March, up from 2,000 units in February, reflecting a fourfold monthly increase in local demand. Brazil sales climbed 43% month-on-month to 16,200 units. Thailand sales recovered to nearly 1,000 units after a decline in February.
Geely reported a 30-35% month-on-month increase in overseas registrations for March, with especially strong growth in Europe. Russia, Mexico, Australia and Thailand together made up around 65% of Geely’s overseas sales. Russia sales rose 27% month-on-month to 7,400 units, while Mexico increased 31% month-on-month to 4,600 units. Thailand shipments grew 63% month-on-month, supported by deliveries of the EX2 model.
Great Wall Motor (GWM) posted a 30-35% month-on-month increase in overseas registrations in March, with notable strength in Russia and Brazil. Russia, Brazil and Australia represented approximately 76% of GWM’s overseas sales. Russia registrations climbed 43% month-on-month, and Brazil sales increased 33% month-on-month.
Morgan Stanley commented that these automakers are seeking to capture oil price-driven electric vehicle demand overseas while remaining on track to meet annual targets amid weak domestic demand. The broker’s assessment attributes the push into foreign markets to a strategy of offsetting softer home-market conditions by pursuing growth where EV demand is being stimulated by higher oil prices.
Market context and implications
The reported month-on-month registration increases indicate that each manufacturer is leaning on foreign market momentum to support overall sales objectives. The regional concentration of sales also suggests that performance for these automakers in March was materially influenced by demand shifts in a handful of countries rather than broadly uniform global growth.
Note: All percentage changes and unit figures reflect the data provided by Morgan Stanley for March 2026 and compare month-on-month developments from February 2026.