Tesla Rival BYD's Domestic Sales Slip 8% In June, Analysts Slash Annual Delivery Projections Amid EV Price War Scrutiny
Chinese EV giant BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) experienced an 8% year-over-year slip in Chinese sales during June.
What Happened: The company experienced a slip in sales as rivals like Xiaomi Corp (OTC:XIACY), Xpeng Inc. (NASDAQ:XPEV), etc. gained in sales, Bloomberg reported on Monday.
Analysts from investment banks like Deutsche Bank expect the company to hit 5 million wholesale units in 2025, the report suggests, while Morgan Stanley lowered its projection to 5.3 million.
BYD would need to sell over 560,000 units a month to meet its annual delivery projection for 2025 of 5.5 million units sold, which could prove difficult amid electric vehicle price war scrutiny by the Chinese Communist Party, according to the report.
However, BYD's overseas sales are on track to reach the 800,000 unit milestone the company set out to deliver this year, with 60% of that figure already achieved by BYD, the report suggests.
Why It Matters: The news comes as BYD has adopted an aggressive pricing strategy in the Chinese market with discounted prices amid fierce competition in the sector, which has raised concerns within the Chinese government.
Despite scrutiny, BYD released a long-range version of its best-selling EV, the Seagull EV, for $11,000 in the market, as well as the Seal 06 EV for $15,000 in China.
Elsewhere, BYD's fellow Chinese automakers Zeekr Intelligent Technologies Holdings Ltd. (NYSE:ZK) and Neta have been accused of inflating sales data through insurance schemes in the country, according to reports in Chinese state media.
Elsewhere, Tesla Inc. (NASDAQ:TSLA) has recorded over 12.3k insured registrations for the second week of July, which is a strong rebound for Elon Musk's EV giant after a poor start to the month in China.
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