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Investing.com-- Shares of BYD Co (HK:1211) fell on Monday after the Chinese electric-vehicle giant reported a decline in October sales, suggesting that increasing competition in the domestic market may be weighing on demand.
The Shenzhen-based automaker said in a company filing that it sold 441,706 new energy vehicles (NEVs) in October, down from 502,657 units a year earlier, marking a 12% year-on-year decline.
Hong Kong-listed shares of the company fell 3% to HK$97.65 as of 04:55 GMT.
The drop was largely driven by weaker plug-in hybrid sales, which slumped nearly 31% from a year earlier, while pure battery-electric vehicle sales rose 15% to 222,559 units.
BYD’s total production for October also slipped to 429,808 units from 536,134 units in 2024. The company said its NEV exports reached 83,904 vehicles in the month, while battery installations totaled about 27.4 gigawatt-hours.