BYD (HKG:1211, SHE:002594) expects vehicle sales to grow by up to 20% globally to around 5 million to 5.5 million units this year, Bloomberg News reported Monday, citing a note from JPMorgan Chase & Co.

The Shenzhen-based carmaker expects domestic vehicle sales to grow by up to 13% to between 3.5 million and 4 million units, with overseas sales forecasted to reach 1.5 million, up 50% from last year.

The company's forecast is higher than what analysts previously estimated, the report said.

The carmaker is banking on an optimistic domestic outlook and an aggressive global expansion strategy to meet its targets, the report said.

BYD recently said its car sales and production for the four months ended April 30 slipped 26% and 29% year over year to 1.02 million vehicles and 1.03 million units, respectively.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)