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3d ago

BYD Posts First Delivery Decline as China’s EV Price War Intensifies

Chinese regulators have vowed to curb aggressive 30% price cuts that triggered the industry’s slowdown, pledging tighter scrutiny of the auto sector.

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Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS/File Photo

Overview

  • BYD shipped 341,030 electric vehicles in July, down from 377,628 in June, marking its first monthly drop this year.
  • Beijing leaders warned against deep discounts of around 30% and promised regulatory crackdowns on excessive competition.
  • Xpeng set a July record with 36,717 deliveries and the Huawei-backed Harmony Intelligent Mobility Alliance reached 47,752 units, while Li Auto and Nio saw month-on-month declines.
  • India’s EV market expanded 91% year-on-year in July, with Tata Motors leading at 5,972 units, followed by JSW MG’s 5,013 and Mahindra’s 2,789.
  • In Europe’s premium segment, Volvo’s global sales fell 14% in July, Polestar’s Swedish deliveries rose 42.7% year-on-year, and Tesla’s Dutch registrations plunged 77.9%.