The blows continue for the BYDafter a shocking decline in the profits that shook investors. China’s largest electric vehicle manufacturer has seen the monthly sales Stop, as smaller newly established electric vehicles have been in the market for good.
BYD’s total sales increased only 0.1% in August compared to the previous year, showing its efforts to remain competitive. Its biggest competitor, Geely Automobile, increased 38% in the same month, while Zhejiang Leapmotor Technology and Nio reported a record. Xpeng’s missions since the beginning of the year are already three times as much as sales in the same period last year.
The rise of the automotive industry in the world’s largest car market dominance has been supported by aggressive discounts that have won consumers, but have caused the anger of officials in Beijing, who want to eliminate the harsh prices that consider a threat to the long -term health.
This means that BYD enters the peak sales period in September and October without relying on discounts and trying to repel competitors who offer elegant, technologically advanced models at similar prices.
The expansion of BYD abroad has proven to be positive for the automotive industry, but hides the challenges it faces from the changing market forces in the domestic market. Excluding overseas traditions and commercial traditions, domestic sales declined almost 15% last month, according to Bloomberg News.
However, the company remains by far the most popular brand of electric cars in China. Although its market share decreased by 0.2 percentage points in July, it holds a 14.4%share. And traditions from the beginning of the year are 10 times higher than those of Xpeng and Li Auto.
However, these smaller brands fight a fierce battle to win consumers. Leapmotor, backed by Stelantis NV, has acquired a 1.7% share of the Chinese market, with new models releasing a record of 57,066 units in August. It has delivered nearly 329,000 vehicles this year, although it needs a strong finale to achieve the annual target of 580,000 to 650,000 units.
In the meantime, Xpeng wins customers with cutting -edge -equipped cars, which have competitive prices compared to BYD and Geely’s mass -produced models. Last month he handed over 37,709 vehicles, record number.
Similarly, the newcomer Xiaomi, known for the construction of a smartphone, delivered more than 30,000 electric cars in August. This year it has sold about 210,000 units.