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Executives also warn Brussels that sticking to 2035 petrol engine ban would severely harm bloc’s largest sector

BYD's Evolving Market Dynamics: A Strategic Reassessment for Investors

BYD has slashed its sales target for this year by as much as 16% to 4.6 million vehicles, two people with knowledge of the matter said.

The long-wheelbase model, priced from 339,000 yuan ($46,700), began deliveries in September, underlining the strong demand for larger EVs despite rising competition from local rivals.

BYD is feeling increasing competitive pressure from rivals such as Geely and Leapmotor, Reuters said.

The company last week reported its first quarterly profit drop in over three years, while rivals like Geely are gaining ground and even raising their own sales targets.

BYD’s Profit Margin Compression and Slowing Growth: A Cautionary Tale for EV Investors

Since its launch on August 19, the Model Y L has received 120,000 orders, averaging nearly 10,000 daily, according to a local media report.

The target remains subject to change depending on market conditions, the people added. The latest target, which has not been previously reported, is below several recently lowered forecasts from analysts. The new target represents a 7% increase from last year and would be the slowest annual growth since 2020, when sales fell by 7%.