BYD Chairman Wang Chuanfu Addresses Domestic Sales Decline

From January to November 2025, BYD’s cumulative sales reached approximately 4.182 million units, hitting about 90.9% of its annual target of 4.6 million units.

On December 5, BYD held an extraordinary general meeting of shareholders in Pingshan, Shenzhen.

Addressing the recent closely watched performance in the domestic market, BYD Chairman Wang Chuanfu publicly responded for the first time to the issue of declining sales, candidly admitting that the company is currently facing the challenge of a narrowing technological lead.

Wang Chuanfu pointed out that the decline in BYD’s domestic sales this year is mainly attributed to two major factors.

First, he believes that BYD’s current technological lead is not as strong as in previous years, and the “wow factor” brought by its technological achievements to the market has diminished. At the same time, homogenized competition across the entire industry has intensified. This change, he noted, aligns with the cyclical nature of technological and product development. Second, he also acknowledged that practical user pain points, such as slow charging speeds in low-temperature environments, still await thorough resolution through technological breakthroughs.

However, Wang Chuanfu conveyed a positive signal on site, emphasizing that the company’s core competitiveness still lies in technology. He previewed that “there are still major technologies to be released later,” though details cannot be disclosed at this time.

Data shows that BYD’s domestic market is indeed under pressure.

In November 2025, the company’s total sales reached 480,200 units. Although this was the highest monthly figure for the year, it still represented a year-on-year decrease of 5.3%. Among these, domestic sales were 348,300 units, a significant year-on-year drop of 26.81%. In stark contrast, overseas market sales exceeded the 100,000-unit mark for the first time in a single month, reaching 131,700 units—a surge of 297% year-on-year, becoming a powerful growth driver.

From January to November 2025, BYD’s cumulative sales reached approximately 4.182 million units, achieving about 90.9% of its annual target of 4.6 million units.

The decline in domestic sales also reflects the shifting competitive landscape in China’s new energy vehicle market.

On one hand, brands including Geely, Changan, and Chery have seen rapid sales growth, continuously squeezing market share. On the other hand, BYD’s own product structure is also undergoing adjustment.

According to securities firm reports, against the backdrop of overall sales pressure in November, the combined sales share of BYD’s premium brands—Fang Cheng Bao, Denza, and Yangwang—has reached 10.8%, showing a clear upward breakthrough trend.