- A fire at a multi-story garage used for storing test and scrapped vehicles has been extinguished, with no casualties reported.
- BYD's shares traded in Hong Kong edged lower, falling 0.91% to HK$109.3 at the time of writing.
A fire at a garage on BYD's campus has sparked widespread attention, breaking out early Tuesday morning at a dedicated facility in its Pingshan campus in Shenzhen.
The Chinese new energy vehicle (NEV) giant said in response to inquiries that the facility was a multi-story garage dedicated to storing test and scrapped vehicles, according to a report by The Paper.
BYD's official statement further noted that the blaze has been completely extinguished by firefighters and no casualties were reported in the incident.
The Shenzhen Pingshan fire authorities later confirmed that emergency and fire response teams arrived at the scene at 2:48 am Beijing time to contain the fire.
BYD's shares traded in Hong Kong edged lower, falling 0.91% to HK$109.3 at the time of writing.
The blaze occurred as the Chinese automaker undergoes a period of sales adjustment, with its March NEV sales rebounding to 300,222 units.
This latest sales figure represents a significant 57.85% increase from February, but overall sales still dropped 20.45% compared to the same period in 2025.
Notably, this marks the seventh consecutive month of year-on-year decline for BYD's monthly sales, highlighting the weakness the company faces after years of rapid growth.
The broader Chinese NEV market remains in a stage of fierce price competition, with automakers vying for market share through frequent promotions and price cuts.
This intense industry competition has severely squeezed corporate profit margins, with BYD disclosing last month that its full-year net profit for 2025 fell 19% year-on-year as a result.
Despite the massive challenges in the domestic market, the vast overseas market continues to be a bright spot for BYD's sales growth, with its March overseas sales surging 65.12% year-on-year.
BYD's management has raised its 2026 export target to 1.5 million vehicles from 1.3 million, meaning its overseas business will bear a much larger responsibility for sales growth in the future.
