TLDR
- BYD’s February 2026 new energy vehicle (NEV) sales saw a 41.1% year-over-year decline, marking the sharpest drop since February 2020.
- This represents the sixth straight month of falling sales.
- Total NEV production and sales both decreased by approximately 38% compared to February 2025.
- Passenger vehicle volumes were especially severely impacted.
- Exports stayed steady at 100,600 NEVs, and battery capacity remained robust.
BYD’s February vehicle sales have recorded their most significant drop in six years, sliding 41.1% from the same month a year ago. This figure denotes the sixth consecutive month of declining sales for the Chinese electric vehicle (EV) leader.
The previous instance of BYD experiencing such a steep decline was in February 2020, when the global economy was grappling with the initial stages of the COVID-19 pandemic.
According to a stock market filing published on Sunday, total new energy vehicle production and sales both decreased by roughly 38% compared to February 2025.
Within the overall figures, passenger vehicle volumes were the most significantly affected, though the filing did not provide segment-specific details.
These results occur despite BYD’s solid standing in the global EV market and its ongoing expansion into international markets.
Export Numbers Offer Some Cushion
In terms of exports, BYD dispatched 100,600 NEVs in February, a number the company highlighted as a positive aspect amid an otherwise challenging month.
Battery capacity also remained stable. The company emphasized its installed NEV power and energy storage battery capacity as proof of sustained scale, even as vehicle volumes decreased.
The company seems to be relying on its battery and international businesses to counterbalance weaker domestic sales.
It is important to note that February is generally a slower month for automobile sales in China because of the Lunar New Year holiday, which curtails working days and dealer foot traffic.
While this seasonal impact is an annual factor, the magnitude of this decline remains notable even when considering the calendar.
What the Numbers Show
As of the filing date, BYD’s year-to-date price performance stands at -0.42%, with the stock having a current market capitalization of HK$890 billion.
Average daily trading volume is approximately 21.5 million units.
Technical sentiment for the stock is currently classified as a Buy.
The latest analyst rating for HK:1211 also includes a Buy recommendation, with a price target of HK$130.00.
The sixth consecutive monthly sales decrease brings into question near-term demand, especially in the domestic Chinese market where competition among EV brands has heightened.
BYD’s February 2026 filing confirmed that total NEV output and sales both fell by roughly 38% year-on-year, with exports reaching 100,600 units and battery segment capacity characterized as strong.
