Korean Media: BYD's Sales Suffer Largest Drop in Five Years in February!
On April 1, South Korean media outlet Korea Economic Daily published an article stating that Chinese electric vehicle manufacturer BYD experienced its steepest sales decline in nearly five years during February this year. Although exports of electric vehicles are increasing, they are not enough to offset the sharp drop in domestic demand.
Data shows that BYD's sales fell by 41% year-on-year in February, dropping to 191,900 units. Even considering the typical seasonal contraction in production and consumption during the January-February Lunar New Year period, cumulative sales through February were down 36% compared to the same period last year.
A sharp 65% decline in domestic sales directly led to the overall performance downturn. While export revenue surged by 50%, it is far from sufficient to counterbalance the impact of falling domestic demand. As a result, BYD has now seen six consecutive months of declining sales.
Analysts point out that China’s electric vehicle market has recently entered a phase of slowing growth. Since the beginning of this year, measures such as cutting subsidies and trade-in incentives have put considerable pressure on the market. Domestic automakers like Geely Automobile are intensifying their market push with low-priced electric vehicles.
BYD is actively expanding its overseas markets. The company is establishing factories in countries including Uzbekistan, Thailand, Brazil, Hungary, and Turkey, while also aggressively developing overseas distribution and production networks.
HSBC forecasts that BYD’s overseas sales will grow by 60% by 2026, and further increase by 25% in 2027, with expectations that global sales will reach 2 million units by next year.
Original source: toutiao.com/article/1861270051129412/
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