This significant drop in performance comes amid fierce competition in the domestic Chinese market and tightening regulatory measures on the sector. The company’s revenue decreased by 3% to 194.98 billion yuan, a figure lower than analysts’ expectations of 216 billion yuan.
Regarding sales, the Shenzhen-based company delivered approximately 1.15 million new energy vehicles, a decrease of 1.8% compared to the same period in 2024. This decline is evident when compared to the performance of local competitors, where Geely Automobile achieved sales growth of 96%, while Chongqing Changan Automobile’s sales increased by 84%.
This contrasting performance reflects the growing challenges facing BYD in its quest to maintain its leading position in the local market. The ongoing price war also raises concerns from the Chinese government about its impact on product quality.
Indicating the current difficult conditions, the company reduced its sales target for 2025 by 16% to 4.6 million units. Last September, the company lost its title as the largest car seller in China to state-owned SAIC Motor, recording its first annual sales decline in 18 months. (Asharq)
