Etiqueta: Geely

Chinese electric vehicle maker BYD Co. has slashed its full-year sales target as intense competition in its home market hurts its bottomline.

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.

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.

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%.

BYD's global deliveries totaled 373,626 in August, barely changed from a year earlier.

BYD is currently free-falling in the Chinese market as its competitors gain impressive ground. Following the crackdown on aggressive discounting strategies...

BYD’s profit fell nearly 30% in Q2, its first decline in three years.