BEIJING – Chinese electric vehicle maker BYD, posted a sixth straight month of sales growth in October, relying on overseas markets to counter sluggish demand and intense price competition at home.
Vehicle sales grew 11% from a year earlier to 490,168 units last month, cooling from a 17% gain in September, while overseas shipments rose 102.8% on the year to 170,194 units, according to Reuters calculations based on a company disclosure on Sunday.
BYD’s third-quarter profit growth slowed to 28% year-on-year, missing forecasts as an industry-wide push into export markets intensified competition amid weak demand at home.
BYD, among the top exporters of hybrid vehicles to the EU, could face new curbs under a China-EU deal aimed at reining in hybrid imports in Europe.
China’s domestic car market is set to stage a modest recovery in 2027 after a steeper-than-expected downturn this year.
