Chinese electric vehicle maker BYD’s vehicle sales fell 30.1 percent year on year in January, marking the fifth consecutive month of decline, as the company faces external uncertainty and intense competition in the domestic market.
According to sources, the company sold 210,051 vehicles worldwide last month, as disclosed in a stock market filing on Sunday. Exports of new energy vehicles stood at 100,482 units in January. Production declined by 29.1 percent, continuing a downward trend that began in July last year.
In the domestic market, BYD launched upgraded new versions of several plug in hybrid models last month, featuring longer range batteries, to boost the appeal of its lower priced hybrid vehicles. Sales of plug in hybrid vehicles, which account for more than half of BYD’s total sales, fell 28.5 percent in January, extending the decline of 7.9 percent recorded in 2025.
According to BYD sources, the company has set a target of exporting 1.3 million vehicles this year, a 24 percent increase compared to 2025, but lower than its earlier target of 1.6 million units. The company did not provide a reason for revising the target downward.
BYD’s new EV plant in Hungary is expected to become operational this year, adding to its manufacturing capacity in Brazil and Thailand. The company is also planning assembly plants in Indonesia and Türkiye.
A 150.7 percent increase in overseas sales helped BYD surpass Tesla globally last year, easing pressure from rising competition in the domestic market, particularly in the budget segment from Geely and Leapmotor.
BYD narrowly met its global sales target of 4.6 million units last year. Its sales target for 2026 has not yet been announced. According to sources, the world’s largest auto market could face challenges this year as the Chinese government reduces subsidies on lower priced models, which is expected to put additional pressure on BYD and similar companies focused on budget vehicles.
