BYD's electric vehicle (EV) sales continued to decline for the eighth consecutive month in April, reflecting fierce competitive pressure in China's domestic market.
The company reported deliveries of 314,100 new energy vehicles, including battery EVs and plug-in hybrids, down 15.7% year-on-year, despite a 6.2% increase from March.
Despite the weak domestic performance, BYD recorded strong performance in overseas markets with exports reaching a record 135,098 units, up more than 70% year-on-year.
This shows the company's increasing reliance on international markets to offset domestic competition.
Financially, BYD's first-quarter profit fell nearly 55.4% year-on-year, with operating income falling 11.8% to around $22 billion.
During the same period, several major competitors performed well.
Leapmotor recorded a record monthly shipment of 71,387 units in April, up 73.9% year-on-year. Meanwhile, premium brand Zeekr recorded 31,787 units, up 131.6%. Xiaomi shipped over 30,000 EVs and received over 70,000 pre-orders for its new SU7 model.
In addition, Nio recorded 29,356 units, while Li Auto remained stable at 34,085 units.
Xpeng also suffered a sales decline of 11.5%, making it another company affected besides BYD.
In an effort to strengthen its global position, BYD plans to export over one million units by 2026 and has opened factories in Brazil and Hungary.
The company also reportedly holds a large share of the EV market in Mexico and Argentina, and has seen significant growth in Europe.
China’s EV landscape is increasingly competitive, forcing major players like BYD to accelerate global expansion to maintain their dominance in the industry.
