"In China's red-hot EV market, it's tough at the top. Tesla rival BYD announced on Sunday that its global sales in October were down 12% from the same period a year earlier, marking the second consecutive monthly decline. It's the latest sign that the Chinese EV juggernaut is facing a bumpy ride after years of explosive growth, as it faces increasingly fierce competition from domestic rivals."
"It's now facing more pressure from Chinese EV startups Xpeng, Nio, and Leapmotor, which all reported record monthly sales in October. Auto conglomerate Geely also smashed delivery records last month. Geely has been boosted by the success of its low-cost Galaxy brand, including the Xingyuan, a $9,250 compact EV that competes directly with BYD's ultra-cheap Seagull. Geely, which also owns European brands Polestar and Volvo, has sold just over a million Galaxy vehicles in China so far this year."
BYD's global sales in October fell 12% year-over-year, marking a second straight monthly decline, while profits dropped about one-third and the company's stock has plunged roughly 36% since May. BYD rose to become the world's largest seller of electrified vehicles with affordable, technologically advanced models but now confronts escalating domestic competition. Xpeng, Nio, and Leapmotor reported record October sales, and Geely set delivery records driven by its low-cost Galaxy brand and the $9,250 Xingyuan. Xiaomi's EV push and Tesla's continued presence in China further tighten the market. Outside China, BYD's overseas performance looks stronger.
Read at Business Insider
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