BYD: 41% drop in NEV sales in February, but exports surpass 100k

BYD records a 41% drop in NEV sales in February, but exports exceed 100k for the fourth consecutive month, strengthening the global focus.

BYD, China's largest NEV manufacturer, recorded a 41.09% drop in deliveries in February, totaling 190,190 NEVs. The decline marks the sixth consecutive month of decrease and reflects seasonality, in addition to a lower boost from domestic policies.

The Chinese New Year holiday (February 15 to 23) contributed to delays in production and deliveries, contrasting with the format of the 2025 holiday, which fell mainly in January. Compared to January, NEV sales also retreated month-over-month, signaling continued pressure in the domestic market.

Performance by segment

Passenger vehicles led deliveries: 187,782 units, -40.99% YoY and -8.63% MoM.

• BEVs: 79,539 units, -36.32% YoY, -4.46% MoM
• PHEVs: 108,243 units, -44.01% YoY, -11.47% MoM
• Commercial electric vehicles: 2,408 units, -47.80% YoY, -46.88% MoM

The sharpest decline in PHEVs suggests softened demand in a segment that previously drove BYD's growth, as incentives slow down and competition increases in the domestic market.

Despite the challenge in the domestic market, exports continue to drive growth. BYD exported 100,600 NEVs in February, the fourth consecutive month above 100,000 units, an increase of 50.09% YoY. With the end of local subsidies and intensifying competition, international momentum—especially in Europe, Southeast Asia, and Latin America—is crucial to balancing performance.

While seeking to reduce the technological gap, BYD is expected to launch major technological innovations later this month, signaling a focus on technology as a driver of differentiation.

How do you view the balance between BYD's domestic and international demand in the coming months? Leave your comment below with your take on the company's path.