BYD (HKG: 1211, OTCMKTS: BYDDY) has reportedly lowered its sales target for this year as smaller rivals rapidly gain ground.
The company has reduced its annual sales target by as much as 16 percent to 4.6 million units, Reuters reported today, citing two sources.
BYD told analysts in March that its 2025 vehicle sales target was 5.5 million units.
But internally, that target has been revised downward multiple times in recent months, the sources said.
The latest sales figure of at least 4.6 million units was communicated internally and to some suppliers last month to help guide planning, the two sources said.
The sources added that the target remains subject to adjustment based on market conditions.
One source noted that BYD is feeling increasing competitive pressure from rivals such as Geely Auto (HKG: 0175) and Leapmotor (HKG: 9863).
The new target represents 7.67 percent growth over 2024, which would be the lowest annual growth rate since 2020 -- when sales fell 7 percent.
BYD sold 373,626 NEVs in August, marking a mere 0.15 percent year-on-year increase and an 8.52 percent rise from July, according to data released on September 1.
This marks the second consecutive month where BYD's NEV sales growth has remained below 1 percent year-on-year.
From January to August, BYD's NEV sales totaled 2,863,876 units, representing a 23.00 percent year-on-year increase.
While BYD's growth slowed, competitors like Geely and Leapmotor saw robust expansion.
On July 1, Geely announced it raised its annual sales target by about 11 percent, from 2.71 million units to 3 million units.
Geely said this adjustment reflects the group's strong sales performance year-to-date and its commitment to achieving the revised goal.
Its August sales reached 250,167 units, marking the second-highest monthly figure on record after January's 266,737 units.
This robust growth was primarily driven by sub-brand Geely Galaxy, which sold a record 110,666 vehicles in August -- a 172.59 percent year-on-year increase and a 16.44 percent rise from July.
Leapmotor delivered 57,066 vehicles in August, marking its fourth consecutive month of record-high deliveries.
From January to August, Leapmotor delivered 328,859 vehicles, a 136.43 percent year-on-year increase, according to data compiled by CnEVPost.
