Etiqueta: Leapmotor

Chinese automaker BYD has reportedly cut its annual sales target by 16.4% from 5.5 million to 4.6 million vehicles, as production declined for a second straight month in August.

The little BYD Dolphin Surf city car could lead the way to a mass market for electric vehicles in Europe because it won’t need subsidies or government edicts to sell.

(Reuters) -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, as the Chinese EV giant faces its slowest annual growth in five years and other signs that its era of record-setting expansion could be drawing to a close. China's largest automaker told analysts in March it was targeting sales of 5.5 million vehicles

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.

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