Morgan Stanley: China Autos & Shared Mobility — November Overseas Sales Distribution
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Morgan Stanley analyzed November 2025 overseas registration trends for major Chinese automakers. BYD's overseas registrations rose 11% month-over-month, with robust European growth of 34% reaching 33,000 units offsetting softness in ASEAN and Latin America. Italy and the Netherlands stood out with month-over-month increases of 85% and 43%, respectively. Meanwhile, BYD's sales in Brazil and Indonesia declined by 4% and 10% month-over-month.
Geely experienced a 9% month-over-month drop in overseas registrations. Growth in Latin America and ASEAN partially mitigated a 27% slide in Russia, which aligned with the broader local market decline. Mexico delivered strong performance, surging 38% month-over-month, outpacing the local market. Russia, Mexico, and Australia accounted for roughly 70% of Geely's overseas sales.
Great Wall Motor saw overseas registrations fall 23% month-over-month, primarily dragged down by a 30% contraction in Russia and a 6% decline in Australia. These three markets represent approximately 75% of its overseas volume. The report noted that expanding new energy vehicle offerings across Geely's Galaxy, Lynk & Co, and Zeekr brands will be pivotal for accelerating overseas sales growth in 2026.