Key facts
- BYD's profits rebounded in the second quarter, driven by strong overseas sales.
- BYD's overseas sales hit a record 134,542 units in April 2026, accounting for 42.8% of total sales.
- In 2025, BYD's vehicle exports exceeded one million units for the first time, a 140% increase.
- BYD's total revenue in 2025 was CNY 803.97 billion, but net profit fell 18.97% year-on-year to CNY 32.62 billion.
- The company's automotive business gross margin decreased to 20.5% in 2025 due to intense price competition in China.
Chinese electric vehicle manufacturer BYD experienced a profit rebound in the second quarter, largely attributed to a surge in overseas sales that offset a slowdown in its domestic market. The company's international business has become a crucial growth driver, with exports reaching a record 134,542 units in April 2026, representing 42.8% of total monthly sales.
Despite this international success, BYD's domestic sales have faced an eighth consecutive month of year-on-year decline, falling approximately 15-16% in April 2026 compared to the previous year. This downturn is attributed to aggressive price competition, reduced government incentives, and broader weakness in China's auto market. Cumulative sales from January to April 2026 stood at just over 1.02 million vehicles, down about 26% year-on-year.
BYD's overall financial performance in 2025 showed a 3.5% revenue increase to CNY 803.97 billion, but net profit attributable to shareholders declined by 18.97% year-on-year to CNY 32.62 billion. This marked the first annual net profit decrease since 2021, with the automotive business gross margin falling to 20.5% due to the ongoing price war. Net profit in the fourth quarter of 2025 alone dropped 38.2% year-on-year.
In response to market pressures, BYD is investing heavily in innovation, launching new models with advanced features like ultra-fast flash charging and second-generation Blade Battery technology. Sub-brands like FangchengBao have shown significant growth, with sales surging 190.25% year-on-year in April 2026. The company is also targeting higher-margin segments, including the luxury market with its Yangwang supercar, priced above 20 million yuan.