- BYD's sales have grown steadily, and its production capacity has remained stable, a source close to the company told CnEVPost.
- BYD dealers' inventory levels are also within reasonable ranges, the source added.
A source close to BYD (HKG: 1211, OTCMKTS: BYDDY) said that the new energy vehicle (NEV) giant's production capacity has remained stable, following a report yesterday that the company had slowed production.
Over the past period, BYD's sales have grown steadily, and production capacity has remained stable, a source familiar with the matter who requested anonymity told CnEVPost today.
BYD dealers' inventory level is also within a reasonable range, the source added.
Reuters reported yesterday, citing two sources familiar with the matter, that BYD has slowed production and expansion efforts in recent months, reducing shifts at some Chinese factories and delaying plans for new production lines.
BYD dealers' average inventory stood at 3.21 months, above the industry average of 1.38 months, the Reuters report said.
The above source also emphasized to CnEVPost that BYD's market share continued to rise.
Including electric vehicles (EVs) and gasoline-powered vehicles, BYD's market share in China's automotive market has increased from 15 percent to 17 percent over the past few months, the source said.
Over the past five months, BYD sold 1.76 million vehicles globally, up 39 percent year-on-year; overseas sales reached 373,000 units, up 112 percent year-on-year.
In the first five months of this year, BYD's overseas monthly sales continued to set new records, with year-on-year growth rates ranging from 83 percent to 188 percent, according to data compiled by CnEVPost.
BYD's overseas sales last month were about 90,000 units, and this year's data is expected to be solid, said Wang Chuanfu, chairman and president of the company, at the 2024 annual shareholders' meeting held on June 6.
In the domestic market, several local media outlets reported that BYD recently provided rebate subsidies to dealers, amounting to RMB 666 ($93) per vehicle, similar to what it did at the beginning of last year.
Additionally, BYD has introduced a meltdown mechanism for dealer inventory, halting shipments to dealers once their inventory exceeds a warning threshold.
As of the end of May, China's passenger vehicle inventory stood at 3.45 million units, down 50,000 units from the end of April, though up 160,000 units from May 2024, according to data from the China Passenger Car Association (CPCA).
Inventory for Chinese domestic brands stood at 1.9 million units, unchanged from the end of April, according to the CPCA.
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