BYD’s March 2026 sales figures reveal a tale of two markets. The company reported deliveries of 300,222 new energy vehicles for the month. This represents a significant 57.9% sequential improvement from February’s total, yet it also marks a concerning 20.5% decline compared to March 2025.
Quarterly Performance and Domestic Challenges
The broader picture for the first quarter underscores ongoing pressure. Cumulative sales for Q1 2026 reached 700,463 units, a substantial 30% drop from the same period a year earlier when the automaker sold over one million vehicles. Analysts point to a fierce price war in China and the expiration of government purchase subsidies at the end of 2025 as primary factors squeezing the domestic business. BYD’s market share in its home country reportedly contracted from 27% to 17% during the first two months of the year.
This margin compression was already evident in the full-year 2025 results. Despite a 3.5% rise in revenue to 804 billion yuan, the company’s net profit fell by 18.97% to 32.62 billion yuan, marking its first annual profit decline in four years. The gross margin for the automotive segment also slipped to 20.5%.
Surging Exports Provide a Counterbalance
In contrast to the domestic slowdown, BYD’s international operations are accelerating at a remarkable pace. Overseas shipments in March soared to 120,083 vehicles, a year-on-year increase of 65.12%. This milestone means approximately 40% of the company’s total monthly sales now come from export markets, a first for the automaker. In response to the weaker home market performance, management has raised its 2026 export target to 1.5 million vehicles, up from a previous goal of 1.3 million.
New Model Launches to Fuel Recovery
Attention now turns to new product launches scheduled for April 2nd. The official market introductions of the Seal 06 GT and the Seal 06 DM-i wagon are poised to test consumer appetite. Both models will feature the second-generation Blade Battery technology and promise a rapid charging capability, reportedly going from 10% to 70% charge in just five minutes using “Flash Charging.” Market experts view the success of these vehicles as pivotal for BYD’s potential recovery in the second quarter.
