BYD increases its sales for the sixth consecutive month / Exports increased by over 100%

BYD, the world’s largest electric vehicle manufacturer, increased its sales by 11% in October compared with the same period last year, to 490,168 vehicles. This was the sixth consecutive month of growth, as the company relies increasingly on overseas markets to offset weak demand and the price war in China.

BYD’s exports rose by 102.8% to 170,194 units, according to Reuters calculations. The pace was faster than in September, when total sales increased 17% year on year.

The results came after the company’s third-quarter profit rose 28%, but fell short of analysts’ estimates. BYD faces increasingly intense competition in international markets, while China’s auto market is affected by weak demand and aggressive discounts.

The external outlook is also influenced by China’s decision to “moderate” its exports of hybrid vehicles to the European Union. BYD, one of the leading exporters of such models, could be affected. However, in the first nine months of the year, BYD’s sales in Europe rose 134.6%, according to ACEA data. Analysts estimate a modest recovery in China’s auto market next year.