BYD sets record sales in August amid China EV slowdown

In August, BYD achieved record sales of 370,854 passenger vehicles, marking a 30% increase year-on-year. The growth was driven primarily by hybrid vehicles, which saw a remarkable 48% rise in sales, while battery-only car sales increased by nearly 12%. This trend highlights a shift in consumer preference towards hybrid models amid a broader slowdown in the Chinese electric vehicle market. Other manufacturers, such as Li Auto and Nio, reported declines in deliveries compared to previous months, indicating a challenging environment for EV sales overall. Li Auto delivered 48,122 vehicles in August, down from 51,000 in July, while Nio's deliveries slightly decreased to 20,176. Geely-backed Zeekr experienced a month-on-month increase in deliveries but still fell short of its June figures. In contrast, Xpeng reported its best month of the year with 14,036 deliveries, aided by the launch of its affordable Mona M03 electric car. BYD's international sales also showed significant growth, with 31,451 cars sold overseas in August, pushing its year-to-date total to 264,869. This figure surpasses the total number of cars sold abroad in all of the previous year, indicating a strong global demand for BYD vehicles. If the current sales pace continues, BYD is on track to sell nearly 400,000 cars outside China by the end of the year. The competitive landscape is intensifying, with companies like Zeekr planning to launch new models at lower price points than Tesla's offerings. As the market evolves, manufacturers are adapting their strategies to meet changing consumer preferences and maintain sales momentum in a challenging economic environment.