China’s largest vehicle manufacturer, BYD Auto, has cut its full-year 2025 global sales target by 16% to 4.6 million units, from its previous target of 5.5 million units, according to a Reuters report citing “two people with knowledge of the matter.” The sources pointed out that the new target remains subject to change, depending on market conditions.
While BYD’s global sales were up by 33% year-on-year to 2,145,954 units in the first half of 2025, including a 128% surge in overseas sales to 464,266 units, its sales in July and August were flat year-on-year. Sales in the first eight months of the year increased by 23% to 2,863,876 units, as demand for its plug-in hybrid vehicles continued to weaken.
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Sales of passenger battery electric vehicles (BEVs) rose by 39% to 1,400,853 units year-to-date, while sales of plug-in hybrid vehicles increased by just 8.4% to 1,424,949 units after falling by 23% in each of the last two months, with August marking the fifth consecutive month of decline. Commercial vehicle sales surged fourfold to 38,074 units, while overseas sales increased by 136% to 625,816 units.
The company is facing stronger competition in its home market from the ever-expanding number of domestic new energy vehicle (NEV) brands. The price war in China has taken its toll on the company’s earnings, with second-quarter net profits falling by 30% year-on-year to CNY 6.326 billion, the first decline since the first quarter of 2022, despite a 14% rise in revenues to CNY 201 billion.
