Chinese EV giant BYD in February recorded its largest sales slump since COVID, as domestic demand waned.
The expiration of government subsidies — coupled with a larger consumption slowdown and the extended Lunar New Year holiday — have hurt China’s carmakers and made overseas markets central to their growth plans: BYD’s exports increased in February, while sales in China fell 65%. The company is building its first European plant in Hungary, and is bidding to buy a Nissan-Mercedes-Benz plant in Mexico.
To boost demand in China, BYD has teased a “disruptive technology” launch this week, likely linked to its next-generation charging technology, CnEVPost reported.