China’s largest manufacturer of new energy vehicles (NEVs), BYD Auto, reported a 3.5% rise in global sales revenue to a record CNY 804 billion (US$ 116 billion) in 2025, but profits fell for the first time since 2021, reflecting cut-throat competition and weakening demand in its home market in the second half of the year.
Earlier this year, the company reported a 7.7% increase in global sales to 4,602,436 vehicles last year, driven mainly by a 151% surge in overseas sales to 1,046,083 units, as the automaker stepped up its global expansion. Domestic sales declined by almost 8% to 3,556,353 vehicles last year, with deliveries falling sharply in the second half of the year as competition from other Chinese manufacturers continued to intensify while overall demand weakened.
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BYD’s net earnings declined by 19% to CNY 32.6 billion (US$ 4.7 billion) last year, the first profit decline since 2021.
Domestic market conditions have continued to deteriorate in 2026, after the Chinese government withdrew some of its NEV subsidies at the end of last year and as competition continued to intensify. The automaker reported a 36% drop in global sales to 400,241 units in the first two months of the year, with domestic sales plunging by 58% to 199,159 units, while exports surged by over 50% to 201,082 units.
