Chinese electric vehicle giant BYD hit its full-year sales target for 2025, but its growth rate was the lowest in five years.
According to reports by Reuters and Bloomberg, data released by BYD on Thursday (January 1) showed that the company achieved cumulative annual sales of 4.6 million vehicles last year, a year-on-year increase of 7.73%, reaching its revised target. Due to a slowdown in domestic sales since last July, BYD lowered its full-year sales target by 16%.
The data also showed that BYD sold 420,000 vehicles in December, a year-on-year decrease of 18.3%. Monthly sales have now declined for four consecutive months, marking the largest single-month drop in two years.
According to People's Financial News, in response to the continued year-on-year decline in monthly domestic sales, BYD chairman and president Wang Chuanfu said at a temporary shareholders' meeting held in Pingshan, Shenzhen, on December 5 last year that this year's sales decline in the domestic market was due in part to BYD's current technological leadership not being as strong as in previous years and the market impact of its technological achievements being less impressive. Combined with increasing industry homogenization, this change aligns with the cyclical nature of product and technology development. On the other hand, pain points such as slow charging speeds in low temperatures urgently need to be addressed through technological breakthroughs.
According to People's Financial News, in response to the continued year-on-year decline in monthly domestic sales, BYD chairman and president Wang Chuanfu said at a temporary shareholders' meeting held in Pingshan, Shenzhen, on December 5 last year that this year's sales decline in the domestic market was due in part to BYD's current technological leadership not being as strong as in previous years and the market impact of its technological achievements being less impressive. Combined with increasing industry homogenization, this change aligns with the cyclical nature of product and technology development. On the other hand, pain points such as slow charging speeds in low temperatures urgently need to be addressed through technological breakthroughs.
He said: "The reason I say our current technology is not sufficiently leading is because we have major technological releases coming up, but it's not convenient to disclose them right now."
Wang Chuanfu stated that BYD's core competitiveness lies in technology. The company's team of 120,000 engineers is its key strength and support for its subsequent technological advancements and the reshaping of its leading edge.
Although domestic sales were not as strong as in previous years, BYD's overseas sales last year surpassed 1 million for the first time, with passenger cars and pickup trucks reaching 1.05 million units, a year-on-year increase of 145%.
Although domestic sales were not as strong as in previous years, BYD's overseas sales last year surpassed 1 million for the first time, with passenger cars and pickup trucks reaching 1.05 million units, a year-on-year increase of 145%.
According to a November report by Citigroup, which cited a meeting with BYD management, BYD has set an overseas annual sales target of 1.5 to 1.6 million vehicles for 2026.