BYD Co. is forecasting higher annual sales despite a slowing electric vehicle market, according to JPMorgan Chase & Co. The automaker’s optimism stems from a more positive domestic outlook and a push for aggressive global expansion. This comes as broader EV demand faces challenges in the current market environment.

The projection is notable given the tepid state of the overall electric vehicle sector. BYD’s focus on domestic markets and international growth is seen as a key driver behind its sales outlook. JPMorgan’s analysis suggests the company is positioning itself to thrive even as broader EV demand cools.

BYD’s sales growth plan hinges on its domestic strategy and global expansion efforts. The automaker is banking on these initiatives to offset cooling demand in the broader electric vehicle market, positioning itself for continued sales growth in the upcoming year.

BYD’s ability to grow sales amid a slowing EV market could have significant implications for its market position and investor outlook.