Chinese new energy vehicle manufacturer BYD reported March sales of 300,222 vehicles, marking a 57.85% increase from February, as the company saw a rebound in deliveries following a seasonal slowdown.
Despite the monthly recovery, sales declined 20.45% compared with the same period last year, extending a streak of seven consecutive months of year-on-year declines and reflecting a broader slowdown in China’s electric vehicle market after years of rapid expansion.
Passenger vehicle sales reached 295,693 units in March, up 57.47% from the previous month but down 20.39% year-on-year. Battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) contributed nearly equally to the total, with 147,601 and 148,092 units sold, respectively.
Overseas markets remained a key growth driver. BYD exported 120,083 vehicles during the month, representing a 65.12% increase year-on-year and a 19.37% rise from February, underscoring the growing importance of international expansion.
By brand, the Dynasty and Ocean series accounted for the majority of sales at 262,327 units, while premium brands Denza and Yangwang recorded 7,133 and 307 units, respectively.
The sales performance highlights ongoing pressure in China’s highly competitive NEV market, where automakers continue to engage in price competition to gain market share. The trend has weighed on profitability, with BYD reporting a 19% decline in full-year net profit for 2025.
Looking ahead, the company has raised its 2026 export target to 1.5 million vehicles, up from a previous goal of 1.3 million, indicating that overseas markets are expected to play a larger role in future growth.
BYD is also expanding its charging infrastructure. The company has deployed its 5,000th flash charging station and plans to build a total of 20,000 stations by the end of 2026. Its charging network currently covers 297 cities and is set to expand to highways and international markets.
In the first quarter, BYD sold 700,463 NEVs, down 30.01% year-on-year and 47.82% lower than the fourth quarter of 2025. Overseas sales for the quarter reached 321,165 units.
Cumulative NEV sales have now exceeded 15.8 million units, reinforcing BYD’s position as one of the world’s largest electric vehicle manufacturers. The company is also China’s second-largest battery producer.
In March, BYD’s battery installations for powertrain and energy storage applications totaled 21.255 GWh, up 4.46% year-on-year and 13.22% from February. First-quarter installations reached 60.215 GWh, increasing 14.58% year-on-year but declining 26.91% compared with the previous quarter.