BYD announced on Monday that it sold 480,186 new energy vehicles (NEV) in November, a 5.25% decline from a year ago.
Of those, the Shenzhen-based automaker sold 474,921 passenger vehicles: 237,540 fully electric and 237,381 plug-in hybrids.
While sales of fully electric models rose nearly 33%, hybrids fell 5.5%.
The company saw its sales drop for the third consecutive month.
Despite the slowdown in sales growth over the past three months, BYD has sold 4,182,038 vehicles from January through November — up 11.3% year on year.
In September, BYD cut its annual target of 5.5 million vehicles to 4.6 million units.
Considering the adjusted goal, the company is targeting December sales to account for 418,000 vehicles.
One month before the end of the year, BYD has reached 90.9% of its guidance.
BEV Sales in the Lead
BYD offers both battery electric vehicles (BEV) and plug-in hybrid models (PHEV) in its lineup.
Fully electric models have been outperforming sales of PHEVs since April.
The figures have since remained steady at roughly 190,000–205,000 units per month between April and September.
On the other hand, plug-in hybrid sales have been ranging between roughly 170,000–190,000 units per month since the beginning of the year.
Sales of both powertrains jumped in October.
Overseas Sales
Higher sales in the early months of the year were driven by the company’s ongoing global expansion, but also by newly introduced models.
BYD’s international sales reached 131,935 units in November, according to the company’s filing with the Hong Kong Stock Exchange. Year-to-date through November, BYD’s overseas deliveries totaled 912,562 vehicles.
The company’s exports reached a record 90,049 units in June as BYD expanded globally, but overseas sales declined through September before rebounding in October and November.
A research note by Citigroup last month indicated that BYD expects sales outside China to represent approximately 900,000 to 1 million vehicles in 2025. With 912,562 overseas units delivered through November, the company has already achieved the lower end of that target range.
During the third quarter, BYD’s overall passenger vehicle sales rose nearly 15% while overseas sales dropped almost 12%, highlighting a contrast between domestic growth and declining international performance. The recent rebound suggests the company has stabilized its export channels heading into year-end.
Production
The company is expanding its manufacturing footprint across the globe.
Its South American plant in the state of Bahia, Brazil, has produced 10,000 vehicles since it officially started operations in July.
In Europe, the company is nearly finishing construction of its factory in Hungary — where it has established its European headquarters earlier this year.
Earlier this year, Reuters reported that BYD had delayed the start of mass production in its first passenger vehicle plant in Szeged to 2026.
By then, the company denied the rumors, stating that it remained on track to begin production ahead of the end of the year.
However, BYD‘s Executive VP Stella Li said late last month that production is scheduled to begin in the second quarter of 2026.
In October, Reuters also reported that the company was considering Spain for its third European factory, after Hungary and Turkey.
According to sources familiar with the matter, Spain was favoured due to its relatively low manufacturing costs and clean energy network.
A BYD Portugal executive recently revealed that Spain’s neighbor was also under consideration, for similar reasons.
Sub-brands
BYD operates multiple sub-brands targeting different market segments.
In November, the Dynasty and Ocean series — which include models sold under the main BYD brand — accounted for 423,558 units.
The premium Denza brand delivered 13,255 vehicles, while the luxury Yangwang sub-brand registered 703 units. The Fangchengbao off-road focused brand contributed 37,405 vehicles.
In July, BYD announced that the Yangwang brand will be expanding to Europe, becoming the first Chinese automaker to enter the top-tier luxury segment in the continent.
Last month, the company also revealed its plans to launch the luxury brand in the Middle East next year.
The launch timeline for Yangwang in Europe remains unclear, however, according to Executive VP Stella Li, BYD‘s Denza will be available in the Old Continent “early next year”.
Last week, the Denza brand entered Brazil, as the company expands further in the country after local production began.
