China’s new energy-vehicle (NEV) dominant player saw a significant sales decline last month amid broader automotive industry weakness.
BYD (HKG: 1211, OTCMKTS: BYDDY) sold 210,051 NEVs in January, down 30.11% year-on-year and down 50.04% month-on-month, according to data released Sunday.
The company’s NEVs include both passenger and commercial vehicles. Passenger NEVs recorded January sales of 205,518 units, down 30.67% year-on-year and down 50.45% month-on-month.
Commercial NEVs sold 4,533 units in January, a 10.78% increase year-on-year but a 19.26% decrease from December.
BYD’s January sales of passenger battery electric vehicles (BEVs) totaled 83,249 units, down 33.60% year-on-year and down 56.35% from December.
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Passenger plug-in hybrid electric vehicle (PHEV) sales came in at 122,269 units, down 28.53% year-on-year — marking the 10th consecutive month of year-on-year decline — and down 45.43% from December.
BYD exported 100,482 NEVs in January, up 51.47% year-on-year but down 24.55% from December.
Beyond being China’s largest NEV manufacturer, BYD is also the country’s second-largest power battery producer.
BYD’s power battery and energy storage battery installations in January totaled about 20.187 GWh, up 30.15% year-on-year but down 26.20% from December.
Entering 2026, NEV buyers in China face a 5% purchase tax, rather than the previous full exemption from the 10% rate.
Additionally, vehicle trade-in subsidies expired in multiple Chinese cities by the end of last year, leading to signs of industry fatigue beginning in November.
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China has extended these trade-in subsidies with adjusted details and remains in a transitional phase.
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