BYD Reports 41% Drop in February Vehicle Sales Amid Domestic Market Challenges

Chinese electric vehicle maker BYD reported a 41% year-on-year decline in February vehicle sales, marking its steepest drop since 2020. The decrease, influenced by an extended Lunar New Year holiday, reduced domestic sales by 65% to 89,590 units, while exports grew to 100,600 vehicles. The company faces intensified competition and cooling consumer demand amid reduced stimulus and tax incentives. BYD is responding with financing plans and plans for technological innovations, aiming for a rebound in March and focusing on international markets.