Chinese automotive giant BYD has hit a speed bump, reporting a rare year-on-year decline in new energy vehicle (NEV) sales for September. The drop comes as sales of their plug-in hybrid electric vehicle (PHEV) models continue to fall.
The company sold 396,270 NEVs in September, a decrease of 5.52% compared to the same month last year. This marks BYD’s first monthly year-on-year decline in NEV sales since March 2024. However, the figures did show some recovery, climbing 6.06% from August’s total.
The PHEV Problem
The primary factor behind the overall slump is the continued slide in the PHEV segment.
PHEV sales totaled 188,010 units, a steep drop of 25.58% year-on-year. This marks the sixth consecutive month that BYD’s PHEV sales have fallen compared to the previous year.
In contrast, battery electric vehicle (BEV) sales remain a bright spot, rising 24.31% year-on-year to 205,050 units.
Overall, passenger NEV sales—which include both BEVs and PHEVs—were down 5.88% year-on-year.
Commercial and Overseas Growth
Despite the domestic PHEV troubles, other areas of BYD’s business saw significant growth:
– Commercial NEV sales surged to 3,210 units, representing a massive jump of 76.08% year-on-year.
– Overseas NEV sales more than doubled, increasing by an impressive 115.85% year-on-year to 71,256 units. However, this figure did see an 11.83% decrease compared to August.
Beyond vehicle manufacturing, BYD is also China’s second-largest power battery producer. The battery business continues its upward trajectory. – BYD’s total installation of power battery and energy storage batteries in September reached approximately 23.200 GWh. This represents a healthy 17.17% increase compared to September of last year, signaling sustained growth in its energy division.
