BYD, Leapmotor buck EV market slowdown as pressure piles up on small rivals
Top performers BYD and Leapmotor clawed their way up higher in terms of sales last month, even as China’s electric vehicle (EV) market was shrinking amid weaker consumer demand. However, smaller players were expected to face falling sales and mounting losses for the rest of the year as competition got fiercer, according to analysts. BYD, the world’s largest EV builder, saw its sales in August…
BYD and Leapmotor experienced significant sales growth in August, despite a shrinking Chinese EV market driven by lower consumer demand. BYD, the world's largest EV manufacturer, reported a 17.8% increase in sales year-over-year, reaching 440,293 units in August. Leapmotor, known for its affordable smart EVs, delivered 103,129 vehicles, marking an 80.7% year-over-year growth.
Analysts predict that smaller players in the industry may face declining sales and mounting losses due to increased competition and price pressures. Chinese carmakers sold 614,000 EVs to domestic buyers in the first 23 days of August, a 12% decrease compared to the same period in 2025. BYD's second-quarter earnings surged 30% year-over-year to 8.2 billion yuan, beating analyst expectations.
The company's new model launches and overseas sales, aided by a global energy crisis, contributed to this growth. Only BYD and Leapmotor among nearly 30 EV-only Chinese carmakers reported profitability in the first half of the year, struggling due to high R&D costs and price competition.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
