Hyperdrive
BYD Sales Stumble as China’s Electric Car Upstarts Gain Ground
BYD electric vehicles outside one of the company's showrooms in Shanghai.
Photographer: Qilai Shen/BloombergThe blows keep coming for BYD Co. After a shock slump in profit that rattled investors, China’s biggest electric-vehicle maker has seen monthly sales stall as smaller, nimble rivals chip away at its ascendancy.
BYD’s total sales rose just 0.1% in August from a year earlier, showing its struggles to stay competitive. Its biggest rival, Geely Automobile Holdings, saw a 38% increase the same month, while Zhejiang Leapmotor Technology Co. and Nio Inc. reported record deliveries. Xpeng Inc.’s year-to-date shipments are already more than three times what it sold by this time last year.