BYD reported a decline in its passenger vehicle sales for the eighth consecutive month in April 2026, delivering 314,100 new energy passenger vehicles, which include battery electric and plug-in hybrid models. This figure represents a 15.7% decrease from the previous year, although it marks a 6.2% increase from March 2026. The company also experienced a significant drop in profits, with first-quarter earnings falling by nearly 55.4% year over year, and operating revenue decreasing by 11.8% to 150 billion yuan ($22 billion) as competition from domestic rivals intensified [1].
Despite the domestic challenges, BYD's export figures reached an all-time high of 135,098 units in April, up more than 70% compared to the same period in 2025. The company has set ambitious plans to export over one million units in 2026. In 2025, BYD accounted for at least 70% of EV sales in Mexico and 75% in Argentina, according to consultancy Latam Mobility. Furthermore, new registrations of BYD's passenger EVs in the European Union, the European Free Trade Association, and the U.K. rose by more than 155% year-on-year in the first quarter of 2026, based on data from the European Automobile Manufacturers Association (ACEA) [1].
Meanwhile, BYD's domestic competitors are reporting record performances. Leapmotor delivered 71,387 units in April, a 73.9% increase year over year, and achieved its highest-ever monthly deliveries. Zeekr, Geely's premium EV brand, also set a new record with 31,787 units sold, up 131.6% from the previous year. Xiaomi delivered over 30,000 EVs, a 7.1% year-on-year increase, and reportedly received over 70,000 pre-orders for its upgraded SU7 sedan. Nio delivered 29,356 EVs, up 22.8% year over year, including sales from its Onvo and Firefly brands. Li Auto's deliveries held steady at 34,085 units, a 0.4% increase. Xpeng, after launching its new GX SUV, saw a year-on-year sales decline of 11.5% to 31,011 units, making it the only other automaker besides BYD to report a drop in year-on-year sales [1].
The data highlights BYD's growing reliance on overseas markets as domestic competition intensifies, with several rivals achieving record sales and expanding their market presence. BYD is also seeking to strengthen its influence in Europe, as indicated by its reported efforts to gain additional market access in April [1].
CONCLUSION
BYD's eighth consecutive monthly decline in domestic EV sales underscores the intensifying competition in China's electric vehicle market, with rivals like Leapmotor and Zeekr achieving record growth. However, BYD's record export figures and rapid overseas expansion suggest a strategic pivot toward international markets. The company's future performance will likely depend on its ability to maintain overseas momentum amid ongoing domestic challenges.