After a stock rally that added nearly $20 billion to its market value in about two months, BYD Co. faces a key test to demonstrate strength overseas despite geopolitical headwinds. Results are due as soon as Friday from the automaker, which is now selling more than 40% of its cars outside of China. Its Hong Kong-listed shares have rebounded after a steep slump on domestic sales concerns — they're up 26% so far this quarter as investors shift focus to momentum in its high-margin electric vehicle exports.

The company's international expansion comes amid growing competition and trade tensions that have complicated EV supply chains. BYD's overseas strategy includes partnerships and localized production in key markets such as Europe and Southeast Asia.

Analysts say the automaker's ability to maintain export growth while navigating these challenges will be critical for sustaining investor confidence.

With global demand for electric vehicles remaining strong, BYD is betting that its vertically integrated model and cost advantages will help it compete against legacy automakers and Tesla, led by Elon Musk.