Core Insights - BYD's global sales in October decreased by 12% year-over-year, marking the second consecutive monthly decline, indicating challenges in the competitive Chinese EV market [1] - The company's profits fell by approximately one-third year-over-year, and its stock price has dropped around 36% since reaching a record high in May [2] - Despite facing intense competition from domestic rivals, BYD has become the largest seller of electrified vehicles globally, driven by its affordable and technologically advanced models [2] Competitive Landscape - BYD is under pressure from Chinese EV startups such as Xpeng, Nio, and Leapmotor, which reported record monthly sales in October, as well as from Geely, which achieved significant delivery records with its low-cost Galaxy brand [3] - Geely's Galaxy brand, including the Xingyuan compact EV priced at $9,250, directly competes with BYD's ultra-cheap Seagull [3] - Xiaomi, a competitor that transitioned from consumer electronics to EVs, is also gaining traction with strong sales of its second vehicle launched this year [4] International Expansion - BYD's overseas sales surged by 169% in October, with expectations to export nearly 1 million EVs this year, particularly succeeding in the European market where it outsold Tesla in August [10] - The company is investing in international growth, with factories under construction in Hungary and Turkey, and plans to establish 1,000 new stores in Europe next year [11] - BYD aims for around half of its sales to come from outside China in the future, as domestic competition intensifies and the market becomes less sustainable [12] Industry Outlook - Analysts predict a consolidation in the Chinese EV market, with fewer than 20 carmakers expected to survive due to intense competition and regulatory pressures [13]