The production of ByD fell for the second consecutive month in August, marking its first consecutive monthly contraction since 2020, in a new sign that the Chinese giant of electric vehicles is stopping its enormous expansion of years.
The largest electric vehicle manufacturer in the world produced 353,090 electric vehicles and plug -in hybrids (PHEV) globally last month, a 3.78% drop compared to the same month of the previous year, according to a monthly report presented on Monday before the Hong Kong Stock Exchange. This follows a 0.9% decrease in July.
The last time by the production of ByD fell for two consecutive months was in June and July 2020.
Reuters reported in June that Byd, the largest Chinese rival in Tesla, was reducing the production rate by decreasing shifts in some factories in China and had delayed plans to add new production lines.
Meanwhile, their sales in China fell 14.3% year -on -year to 292,813 vehicles, marking its fourth consecutive monthly fall, even when global sales remained slightly upward. The data showed on Monday that Byd sales in Europe are growing rapidly.
However, sales in China represent almost 80% of Total Byd sales.
Find out: Short 16 -month -old ByD production with increases
Monday’s data indicate that the company has only reached 52.1% of its annual sales target of 5.5 million units in the first eight months of the year. Some analysts have already pointed out that the company will probably not achieve that goal.
Analysts from China Merchants Bank International said they had reduced their BYD sales prognosis by 5%, to 4.9 million units for this year, since they believe that the company “has become more cautious with respect to their inventories.”
The fall in production and sales occurs shortly after Byd reported that its quarterly gain fell for the first time in three and a half years, reflecting how the pressure to stay competitive begins to take its toll.
The company’s actions fell sharply on Monday.
The fall in the production and sales of PHEV of ByD since April continues, while total sales of electric vehicles grew by 34.4% and production increased by 26% in August compared to the previous year. Since April, Byd has begun to manufacture and sell more pure electric vehicles than plug -in hybrids.
With Reuters information.
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