Nan Fang Du Shi Bao·2025-10-09 11:36Core Viewpoint - BYD experienced a rare decline in sales during September, marking the first month-on-month drop since March 2024, with a total of 396,270 vehicles sold, down 5.52% from 419,426 vehicles in the same month last year [2][5][6]. Group 1: Sales Performance - In September, BYD's domestic sales were approximately 325,400 vehicles, reflecting a year-on-year decrease of 15.8% [6]. - The company's total sales for the first nine months of the year reached 3.26 million vehicles, an increase of 18.64% compared to the same period last year [4]. - The decline in sales is attributed to intensified competition in the domestic electric vehicle market, with brands like Geely, Leap Motor, and Xpeng launching high-cost-performance models that impacted BYD's mid-to-low-end market share [5]. Group 2: Production Trends - Since July, BYD's production of new energy vehicles has seen a consecutive decline for three months, ending a streak of 16 months of growth [5]. - The company has implemented measures to alleviate dealer inventory pressure, including a stock break mechanism and streamlining vehicle configurations, which have also affected domestic sales growth [5]. Group 3: Overseas Market Performance - Despite domestic sales challenges, BYD's overseas sales surged by 107% in September, with 70,851 vehicles sold, accounting for approximately 17.9% of total sales [7][8]. - For the first nine months of the year, BYD's cumulative overseas sales reached 701,500 vehicles, positioning it as a new growth engine for the company [8]. Group 4: Future Outlook - BYD's chairman indicated that the overseas market is entering a growth phase similar to the domestic market's previous explosive growth, emphasizing that the company's overseas strategy is a core focus for the next three years [8]. - Analysts suggest that BYD's competitive edge in the market is expected to be maintained through product iteration in the hybrid and electric vehicle segments, supported by its scale advantages and optimized sales structure [8].