BYD Feb NEV sales drop 41% while exports remain strong

• BYD's February NEV sales totaled 190,190 units, marking the sixth consecutive month of decline.
• BYD launched 7-year low-interest auto loans to stimulate spring sales.

China's largest new energy vehicle (NEV) maker BYD (HKG: 1211, OTCMKTS: BYDDY) continued its sales decline in February, partly impacted by the Chinese New Year holiday and the tapering of policy support.

BYD's February NEV sales totaled 190,190 units, down 41.09% year-on-year, marking the sixth consecutive month of decline, according to data released Sunday.

Compared to January's 210,051 units, the figure represents a 9.46% decrease.

The 2026 Chinese New Year holiday fell between February 15 and 23, whereas last year's holiday primarily occurred in January, impacting vehicle production and deliveries.

BYD's February passenger NEV sales totaled 187,782 units, down 40.99% year-on-year and down 8.63% from January.

Sales of passenger battery electric vehicles (BEVs) came in at 79,539 units, down 36.32% year-on-year and down 4.46% from January.

Sales of passenger plug-in hybrid electric vehicles (PHEVs) totaled 108,243 units, marking a 44.01% year-on-year decline and an 11.47% decrease from January.

The company's commercial NEV sales in February totaled 2,408 units, down 47.80% year-on-year and down 46.88% from January.

Despite overall sales pressure, overseas markets remained a rare bright spot.

BYD exported 100,600 NEVs in February, maintaining its strong momentum. This marks the fourth consecutive month exceeding the 100,000-unit mark, representing a 50.09% year-on-year increase.

Additionally, BYD's total installed capacity for power batteries and energy storage batteries reached about 18.773 GWh in February, up 12.45% year-on-year, though down 7.00% from January.

To counter weak market demand, BYD formally joined the ultra-long-term auto loan promotion camp late last month, with its brands launching low-interest financing plans extending up to 7 years to attract customers.

With Chinese regulators discouraging direct price wars, automakers are intensively shifting toward lenient financial policies. This helps lower vehicle purchase barriers while protecting corporate profits.

Entering 2026, Chinese NEV buyers face a 5% purchase tax, with the additional cost and adjustments to earlier stimulus policies impacting the automotive sector as a whole.