BYD falls in China but excels in exports

Despite record sales internationally, the Chinese giant BYD is facing an eighth consecutive month of decline in its domestic market.

The contrast is striking. In April 2026, BYD sold 314,100 passenger cars, down 15.7% year-on-year. This performance extends a negative streak that began in September 2025, despite a slight monthly rebound of 6.2% following the slowdown related to the Chinese New Year.

In detail, the situation illustrates a strategic shift. International sales have reached a record level of 134,542 units, an increase of 70.9% year-on-year. They now account for 42.8% of the group’s total volume, demonstrating that exports are becoming a pillar in the face of waning demand in China.

A battle of millions of cars

In the first four months of the year, BYD has sold just over one million passenger vehicles, down 26.4%. In contrast, international sales have risen by nearly 60% to 455,707 units. The target of 1.5 million vehicles sold outside of China in 2026 seems more central than ever.

Not all brands within the group are performing equally. The core range has declined significantly, while the young entity Fang Cheng Bao has exploded (+190.2%). The premium brand Denza has dipped, while Yangwang, positioned in the ultra-high-end market, remains marginal but is experiencing strong growth.

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However, the pressure is mounting. Against a backdrop of price wars and rising costs, net profit fell by more than 55% in the first quarter. BYD is now relying on its new ultra-fast charging technologies and a renewed product offensive to regain the initiative in an unforgiving Chinese market.

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