Chinese electric vehicle giant BYD’s quarterly sales fell for the first time since 2020 as domestic competition intensified.
The contraction — the company also notched a monthly sales decline in September, unlike other large Chinese EV brands — comes as BYD slashed its sales goal for the year. BYD has been ramping up exports and “doesn’t care about the domestic market any more,” one analyst said. Rather than attract regulatory scrutiny by further cutting prices, a step many rivals have taken, the company “chose to lie down in China.”
But overseas markets, too, are proving challenging: BYD recently offered discounts of up to 50% in the “notoriously brutal” Japanese auto sector, Electrek wrote.
