BYD(HK:01211) 华尔街见闻·2025-06-02 11:33Core Viewpoint - The article highlights the recent sales performance of BYD amidst a new round of aggressive price competition in the electric vehicle market, indicating both growth in sales and challenges in stock performance due to pricing strategies. Sales Performance - In May, BYD achieved sales of 382,476 vehicles, marking a year-on-year increase of 15.3% and setting a new monthly sales record for the year [2][6] - The sales breakdown includes 88,640 vehicles sold overseas, with the Dynasty and Ocean series contributing 348,393 units, and other models like the Fangchengbao and Tengshi also contributing to the total [3][5] - BYD's pure electric vehicle sales reached 204,369 units, surpassing plug-in hybrid sales of 172,561 units for the second time since early 2024 [4] Pricing Strategy - In late May, BYD initiated a significant price reduction campaign, with some models seeing price cuts of up to 34%, directly impacting traditional fuel vehicle pricing [6][7] - This marks the third major promotional effort by BYD within two months, indicating a strategy focused on aggressive pricing to boost sales [7] Stock Market Reaction - Despite the increase in sales, BYD's stock price has faced downward pressure, with a drop of over 4% on a recent trading day, continuing a trend of more than 15% decline from the previous week [8][9] - Analysts from Citigroup estimate that the price cuts could lead to a 30% to 40% increase in dealer foot traffic, raising questions about the sustainability of this price-driven growth strategy [11] Market Outlook - Analysts express caution regarding BYD's ability to meet its annual sales target of 5.5 million vehicles, noting that an average monthly sales of approximately 534,000 units is required in the remaining months [12] - The upcoming fourth quarter, typically a peak sales season, will be a critical test for BYD to maintain its growth momentum [13] Industry Commentary - The article references a commentary from the People's Daily, which criticizes the ongoing price wars in the automotive industry, emphasizing the need for fair competition and warning against the long-term consequences of such strategies [14]