At the Beijing auto show, BYD began pre-sales of its Datang full-size electric SUV, as it joins a growing group of Chinese automakers moving into the premium segment and intensifying competition with European brands.BYD reported its steepest quarterly profit drop since 2020, as sluggish domestic demand and intensifying competition weighed on performance.
The world’s largest EV maker by sales, known for budget models priced below 150,000 yuan, is facing growing pressure from rivals such as Geely and Leapmotor.
First-quarter net profit fell 55.4 per cent year-on-year to 4.1 billion yuan ($600 million), worsening from a 38.2 per cent decline in the previous quarter, a stock filing showed on Tuesday.
Revenue dropped 11.8 per cent to 150.2 billion yuan, marking a third consecutive quarterly decline.
The slowdown comes as China scales back trade-in subsidies for entry-level EVs and plug-in hybrids. BYD’s total sales fell for a seventh straight month in March, despite continued strength in overseas shipments.
To offset weak domestic demand, BYD is accelerating its push into international markets, focusing on advanced technology and localized manufacturing. The leading Chinese rival to Tesla has set a 2026 overseas sales target of 1.5 million vehicles, implying growth of more than 40 per cent from 2025 levels.
According to Morningstar analyst Vincent Sun, BYD’s exports could rise 25 per cent–30 per cent this year, while total vehicle sales are projected to grow about 12 per cent. The company is also stepping up investment in ultra-fast charging technology to attract drivers from petrol vehicles by reducing charging times.
At the Beijing auto show, BYD began pre-sales of its Datang full-size electric SUV, as it joins a growing group of Chinese automakers moving into the premium segment and intensifying competition with European brands.
