BEIJING (Reuters) -BYD’s vehicle production fell 0.9% in July from a year earlier, ending a 16-month growth streak that has catapulted the Chinese automaker into the world’s largest electric vehicle maker. BYD made 317,892 electric vehicles and plug-in hybrids (PHEVs) globally last month, while sales edged up 0.6% to 344,296 vehicles, slowing sharply from a […]
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BYD’s July production falls for first time in 17 months as expansion spree slows
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BEIJING (Reuters) -BYD’s vehicle production fell 0.9% in July from a year earlier, ending a 16-month growth streak that has catapulted the Chinese automaker into the world’s largest electric vehicle maker.
BYD made 317,892 electric vehicles and plug-in hybrids (PHEVs) globally last month, while sales edged up 0.6% to 344,296 vehicles, slowing sharply from a 12% increase in June, according to a monthly filing with the Hong Kong Stock Exchange.
Its EV sales and production still grew in July versus last year, but PHEV sales dropped 22.6% and production shrank 24.6%.
The company last saw shrinking production in February 2024, in line with an industry-wide fall due to the timing of China’s Lunar New Year holiday, which fell in February versus January in the prior year. Sales contracted in February 2024 as well.
BYD, which is the biggest Chinese rival to Tesla, saw both production and sales hit record highs in the fourth quarter of 2024 before trending down this year.
With electric car sales accounting for 41% of its more than 4 million vehicle sales last year, BYD has overtaken the U.S. EV specialist as the world’s top EV seller.
BYD, engaged in a bruising price war in the world’s largest auto market, has slowed its production pace in recent months by reducing shifts at some factories in China and delayed plans to add new production lines, Reuters reported in June.
(Reporting by Qiaoyi Li, Zhang Yan and Brenda GohEditing by Susan Fenton, Frances Kerry and Emelia Sithole-Matarise)