BYD has slashed its full-year sales target by almost 20% as intense competition in its home market of China eats into profits.
The world’s biggest seller of electric vehicles now plans to deliver 4.6 million units this year, down 16% from its previous expectation for 5.5 million, Reuters reported Thursday, citing sources it didn’t identify.
The revision comes as Shenzhen-based BYD reported a 30% drop in quarterly income last week, a signal that not even dominant players are safe in China’s cut-throat battle for market share.
Deliveries meanwhile were largely flat for July and August versus the same period last year.
Although it’s China’s No. 1 selling car brand, BYD is facing relentless competition from rivals such as Geely Automobile Holdings, which continues to launch new and affordable models, and new entrants like Xiaomi, whose electric SU7 sedan and YU7 sport utility vehicle have proven unexpectedly popular.
