In September, BYD, China’s EV leviathan, sold about 396,270 cars which meant a decline of 5.5% on year. The figure also marks the first monthly decline since February 2024. Analysts cited lower demand alongside stiff competition from local rivals XPeng and Xiaomi and the over-saturated Chinese market as some reasons for the decline.
To push sales, BYD has also reduced prices by 10,000 yuan on some models through the end of the year. Moreover, the company logged two months of production declines in a row, the first production drops recorded since 2020, raising investor unease about BYD’s long-term momentum, even as it goes aggressively towards Europe and the markets outside its home.