BYD’s global sales of new energy vehicles in September decreased by 5.5% year on year, marking the first month-over-month decline since February 2024. Meanwhile, most BYD models have suddenly lowered their prices, sparking new waves in the new energy vehicle market.
According to BYD’s production and sales report released on October 1st, a total of 396,270 new energy vehicles were sold globally in September, down by 5.5% compared to the same period last year, marking the first month-over-month decline in 19 months.
Among them, BYD’s passenger car sales in September saw 205,000 pure electric vehicles sold, a year-on-year increase of 24.3%, while plug-in hybrid electric vehicles (PHEVs) only sold 188,000 units in September, a significant decrease of 25.6% compared to the same period last year.
Reuters calculated from BYD’s company documents that in the third quarter of this year, BYD sold a total of 1.106 million vehicles, a 2.1% year-on-year decline in overall sales, marking the first quarterly sales decline for the company since 2020.
With significant declines in both quarterly and monthly sales, Juheng.com reported that BYD recently launched three new models of the second-generation Qin PLUS series, including the Qin PLUS DM-i 128KM Entry Edition, Qin PLUS EV 420 Entry Edition, and 510KM Entry Edition. At the same time, BYD took the opportunity to offer limited-time discounts on most models.
For instance, the second-generation Qin PLUS DM-i 55km Leading Edition is offered a limited-time discount of 10,000 yuan, lowering the starting price to 69,800 yuan, making it BYD’s first plug-in hybrid model priced below 70,000 yuan. The newly launched models, the second-generation Qin PLUS EV 420km and 510km Leading Edition, also have a limited-time discount of 10,000 yuan, priced at 99,800 yuan and 109,800 yuan, respectively.
Clearly, BYD has once again lowered the entry barrier for family sedans and has become the undisputed “ultimate sales king” in the sedan market.
Media analysis indicates that BYD’s sales decline is a result of losing the advantages in both price and technology after the Chinese Communist Party officially banned companies from engaging in price wars. According to reports from Reuters and other media outlets, BYD has internally and to some of its cooperating suppliers adjusted its sales target from 5.5 million vehicles to 4.6 million vehicles.
Despite lowering its sales target, BYD is countering the reduction in sales volume by reducing prices. Media analysis suggests that besides seizing the market and boosting sales, BYD aims to clear inventory, introduce new products, and pave the way for overseas sales.
Data shows that BYD exported 71,256 vehicles to overseas markets in September. Among them, passenger cars and pickups had an overseas sales volume of 70,851 units, a significant increase of 107% year-on-year, becoming the key support for BYD’s sales in September. From January to September of this year, BYD has sold a total of 700,000 passenger cars and pickups overseas.
Overall, BYD is finding it challenging to maintain the previous rapid growth in the domestic market, making it clear that expanding overseas sales has become the next strategic focus for the company.