BYD Co. has spent the last five years racing ahead. In 2024, with the help of government support, aggressive pricing and overseas expansion, the Chinese carmaker surpassed Tesla Inc. to become the world’s top seller of electric vehicles.
But after the boom, China’s biggest automaker faces a reality check. Since May, domestic sales have shrunk and growth in international deliveries aren’t enough to outshine the homegrown shortfall. At the same time, Beijing has stepped up scrutiny of the bruising price war that helped fuel BYD’s rise.
