BYD Sales Slide for Eighth Straight Month as Domestic Rivals Leapmotor and Zeekr Hit Records

Key facts

• BYD delivered 314,100 new energy passenger vehicles in April, down 15.7% year-on-year but up 6.2% from March.
• Exports hit a record 135,098 units, a more than 70% increase from April 2025.
• Leapmotor posted 71,387 deliveries in April, a 73.9% year-on-year rise and its highest ever.
• Zeekr delivered 31,787 units, up 131.6% year-on-year, also a record.
• BYD's first-quarter profit fell 55.4% year-on-year, with operating revenue down 11.8% to 150 billion yuan ($22 billion).
• Xiaomi delivered over 30,000 EVs in April, with 70,000 pre-orders for its upgraded SU7 sedan.
• Nio delivered 29,356 EVs, including sales from its Onvo and Firefly brands, up 22.8% year-on-year.
• Li Auto delivered 34,085 units, up 0.4% year-on-year; Xpeng delivered 31,011 units, down 11.5%.

Eighth Straight Monthly Decline

BYD, China's dominant electric vehicle maker, reported on Sunday that it delivered 314,100 new energy passenger vehicles in April, a 15.7% decline from the same month last year. The drop marks the eighth consecutive month of year-on-year sales declines for the Shenzhen-headquartered automaker, even as the broader Chinese EV market sees fierce competition. Despite the domestic slump, BYD's exports reached an all-time high of 135,098 units, according to a Hong Kong Stock Exchange filing. That represents a more than 70% increase compared to April 2025, underscoring the company's growing reliance on overseas markets to offset intensifying competition at home. BYD's passenger vehicle sales in April included both battery electric and plug-in hybrid models. The company's first-quarter financial results, released earlier, showed a nearly 55.4% drop in profits year over year, with operating revenue falling 11.8% to 150 billion yuan ($22 billion).

Rivals Leapmotor and Zeekr Hit Records

While BYD struggled, its domestic rivals posted strong gains. Leapmotor, backed by Stellantis, delivered 71,387 vehicles in April, a 73.9% increase year-on-year and its highest monthly total ever. The previous record was set in November 2025, and the company turned its first annual profit last year. Geely's premium EV brand Zeekr also notched a record month, with 31,787 deliveries, a 131.6% surge from April 2025. The strong performance from these competitors highlights the shifting dynamics in China's EV market, where BYD's dominance is being challenged by a wave of new entrants and established automakers spinning off premium brands.

Xiaomi, Nio, Li Auto, and Xpeng Deliver Mixed Results

Chinese tech giant Xiaomi delivered more than 30,000 EVs in April, a 7.1% increase year-on-year, and has reportedly received over 70,000 pre-orders for its upgraded SU7 sedan. Nio delivered 29,356 EVs, up 22.8% from a year ago, including sales from its lower-priced Onvo and Firefly brands. Li Auto held steady with 34,085 deliveries, up just 0.4% year-on-year. Xpeng, however, posted a year-on-year sales decline of 11.5%, with 31,011 units delivered, making it the only other automaker besides a drop. Xpeng launched its new GX SUV in mid-April, which may have affected sales.

Export Growth as a Lifeline

BYD's record export figures come as the company increasingly looks abroad to sustain growth. The automaker has plans to export more than one million units in 2026, and its overseas expansion includes establishing flash charging stations in Australia and New Zealand, as well as overtaking Tesla and Kia as the best-selling EV brand in key overseas markets. The divergence between BYD's domestic and overseas performance is stark: while domestic sales have fallen for eight straight months, export growth has been robust, rising more than 70% year-on-year in April alone. This reliance on foreign markets, however, exposes BYD to geopolitical risks and trade barriers.

Intensifying Competition at Home

The Chinese EV market is becoming increasingly crowded, with startups and legacy automakers alike vying for market share. BYD's domestic sales slide reflects this pressure, as rivals like Leapmotor and Zeekr offer compelling alternatives at competitive prices. The company's first-quarter profit plunge of 55.4% underscores the margin squeeze. Meanwhile, Xiaomi's entry into the EV space with its SU7 sedan has added another formidable competitor, while Nio's multi-brand strategy with Onvo and Firefly targets different price segments. Li Auto and Xpeng continue to refine their product lines, making the market more fragmented than ever.

Outlook: Can BYD Rebound?

BYD's strategy appears to hinge on aggressive overseas expansion and new product launches, including a planned hyperconvertible that can accelerate from 0 to 60 mph in under two seconds. The company's ability to reverse its domestic sales decline will depend on whether it can fend off rivals with competitive pricing and innovation. With plans to export over one million units by 2026, BYD is betting big on international markets. However, the domestic market remains the world's largest for EVs, and losing ground there could have long-term implications. The coming months will reveal whether BYD's export push can compensate for its domestic troubles, or if the company needs a more fundamental strategic shift.

The bottom line

• BYD's domestic sales have fallen year-on-year for eight consecutive months, while exports hit a record 135,098 units in April.
• Leapmotor and Zeekr both posted record monthly deliveries, signaling a shift in competitive dynamics within China's EV market.
• BYD's first-quarter profit dropped 55.4% year-on-year, with revenue falling 11.8% to 150 billion yuan.
• Xiaomi's EV deliveries exceeded 30,000 in April, with strong pre-orders for its upgraded SU7 sedan.
• BYD plans to export more than one million vehicles in 2026, focusing on overseas markets to sustain growth.
• The Chinese EV market is becoming increasingly crowded, with multiple players gaining share at BYD's expense.