Chinese electric vehicle manufacturer BYD continues facing significant challenges as vehicle sales dropped for the eighth consecutive month in April, marking a 15.5% decline compared to the same period last year. This represents the company’s most extended period of declining sales as it grapples with sluggish domestic demand.
Despite domestic struggles, BYD’s international operations showed promising growth, with overseas passenger vehicle and pickup truck sales surging 35% to reach 130,000 units last month, according to calculations from a social media post by BYD executive Li Yunfei.
While the company hasn’t revealed its complete sales goals for this year, BYD has expressed confidence in achieving international sales of at least 1.5 million vehicles.
The Chinese automaker, which serves as Tesla’s primary competitor in China, reported its most significant profit decline since 2020 during the first quarter. The company faces intensifying competition in the budget vehicle market, particularly for models priced below 150,000 yuan ($21,936), with rivals Geely and Leapmotor applying pressure.
BYD’s current sales slump surpasses its previous record decline, which lasted six months during the elimination of government electric vehicle incentives that concluded in December 2019.
To address domestic market challenges, including reduced trade-in programs for entry-level electric and hybrid vehicles that are pushing consumers toward premium models, BYD is introducing vehicles equipped with faster-charging battery technology and developing a high-speed charging infrastructure to demonstrate its technological capabilities.
The company also announced it will increase pricing for its proprietary driving assistant system feature starting Friday, attributing the change to rising costs for memory hardware components worldwide.
