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2mo ago

BYD Posts First Monthly Sales Drop in Five Years, Yet Extends 2025 EV Lead Over Tesla

Cash flow strain from tighter payment rules and fiercer rivals is prompting a faster pivot to European and Thai manufacturing.

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Overview

  • September deliveries fell 6% to 396,270 vehicles, marking BYD’s first monthly decline since 2020, with its China NEV share down to 29% in August from 40% in April 2024.
  • BYD led Tesla in global EV sales for January–September 2025 by roughly 388,000 units, totaling 1,605,903 versus Tesla’s 1,217,902.
  • Competition is intensifying in China as Geely’s September sales rose 40% and startup Leapmotor is reported to be taking share from BYD.
  • BYD reported first-half net income up 14% to 15.5 billion yuan, while free cash flow turned more negative after rules requiring supplier payments within 60 days.
  • The company is accelerating overseas expansion with seven NEV launches in Munich, a Hungary factory slated to open this year to mitigate EU tariffs, and plans to ship to Europe from Thailand, as China plans export licenses for EVs starting January 1, 2026.