BYD Cuts Annual Sales Target as Demand Cools, Reuters Says

Chinese electric vehicle maker BYD Co. has slashed its full-year sales target as intense competition in its home market hurts its bottomline.

The world’s biggest seller of EVs now plans to deliver 4.6 million units this year, down 16% from its previous expectation for 5.5 million, Reuters reported Thursday, citing people it didn’t identify. A representative for BYD didn’t immediately respond to a Bloomberg News request for comment on the report.