China’s BYD reported a 30.1% year-on-year drop in vehicle sales in January, marking the fifth consecutive month of decline, according to a stock exchange filing released on Sunday (01/02).

The company sold 210,051 vehicles globally during the month, reflecting continued pressure from external uncertainties and strong competition in China’s domestic market.

Production Declines as Downturn Extends

BYD’s vehicle production fell 29.1% in January compared with a year earlier.

This extended a production decline that began in July last year, adding to concerns over sustained weakness in output.

Sales of plug-in hybrid vehicles dropped 28.5% in January.

Plug-in hybrids accounted for more than half of BYD’s total car sales and have been under pressure after falling 7.9% in 2025.

Overseas Sales and Export Targets Adjusted

BYD exported 100,482 new energy vehicles in January.

The company said it is targeting 1.3 million overseas vehicle shipments this year, indicating a 24% increase from 2025 but lower than an earlier target of up to 1.6 million vehicles shared with Citi in November, without giving reasons for the revision.

A 150.7% rise in overseas sales last year helped BYD surpass Tesla as the world’s top electric vehicle seller.

However, the company faces increasing competition in China from rivals including Geely and Leapmotor, while reduced government subsidies for lower-priced models are expected to weigh on the broader market.

PHOTO: BYD

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