China’s largest new energy vehicle (NEV) maker BYD said it expects to regain growth momentum after a recent sales slowdown, with Chairman and President Wang Chuanfu pointing to upcoming technological breakthroughs and expanded overseas efforts as key drivers of a potential recovery.
Speaking at an extraordinary shareholders’ meeting on Thursday, Wang said domestic sales had weakened this year partly because BYD’s technological lead over rivals has narrowed, while industry-wide price competition has intensified.
See also: BYD Says 2 Million Vehicles Sold with “God’s Eye” Smart-Driving System
“I say our technology isn’t sufficiently advanced now because we have major technological announcements coming, but I can’t disclose details at this time,” Wang told shareholders, according to China Securities Journal.
BYD’s sales pressure comes after years of rapid expansion that made it the world’s largest NEV manufacturer. The company sold 480,186 NEVs in November, its highest monthly volume this year but still down 5.25% from a year earlier, marking the third consecutive month of year-on-year decline. From January to November, cumulative sales reached 4.18 million units, up 11.3% year-on-year, a sharp slowdown compared with the triple-digit growth rates recorded between 2021 and 2023.
See also: BYD Targets Up to 1.6 Million Overseas Vehicle Sales in 2026, Citi Says
Wang acknowledged that the industry’s “race to the bottom” on pricing has intensified, reflecting the cyclical nature of product and technology development. He also flagged cold-weather charging performance as a technical challenge that urgently requires breakthroughs, particularly as competition intensifies in northern markets.
Looking ahead, Wang said BYD will step up research and development over the next two to three years, relying on its 120,000-strong engineering team to rebuild its technological edge. He added that the company would strengthen marketing and sales execution to better translate technical advantages into market competitiveness, while accelerating expansion in overseas markets to offset domestic pressure.