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BYD Sales Plummet Amid Fierce EV Competition
1 Feb
Summary
- BYD vehicle sales decreased by 30.1% in January, marking the fifth consecutive monthly decline.
- Global sales for January reached 210,051 vehicles, with production also down 29.1%.
- The company aims for 1.3 million overseas shipments this year, a revised, lower target.
BYD's global vehicle sales fell by 30.1% in January compared to the previous year, marking the fifth consecutive month of decline. The Chinese electric vehicle manufacturer reported selling 210,051 vehicles last month. Production also decreased by 29.1%, continuing a downward trend that began in July of the prior year.
Despite these figures, BYD is actively launching upgraded plug-in hybrid models to enhance appeal. However, sales of these hybrid cars, which constitute over half of BYD's sales, dropped by 28.5% in January. The company has set a revised target of 1.3 million vehicles for overseas shipments this year, a reduction from previous forecasts.
Internationally, BYD is expanding its manufacturing footprint with a new plant in Hungary expected to open this year, alongside existing facilities in Brazil and Thailand, and planned plants in Indonesia and Turkey. Last year, a substantial surge in international sales helped BYD surpass Tesla as the world's top EV vendor, offsetting domestic market pressures from competitors. The broader Chinese auto market is anticipating stagnation this year due to scaled-back government subsidies.
