BYD's overseas exports jumped ~65% in March, while domestic sales slumped ~40%. The company is guiding for higher overseas sales targets for the year. Surging oil prices due to the Iran war are boosting the incentive for consumers globally to switch from gasoline vehicles to EVs. However, weak domestic consumption and scaled-back subsidies in China are hurting local demand. The company is becoming increasingly reliant on overseas sales for growth, making it a key barometer for global EV adoption amid high energy prices. The stark divergence between export and domestic performance warrants close monitoring. A resolution to the Iran conflict and a sharp drop in oil prices could reduce the urgency for consumers to switch to EVs. Domestic competition in China remains fierce.