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The company released its January 2025 sales flash report: 1) Total NEV sales: 210,000 units, down 30% year-on-year and down 50% month-on-month; 2) BEV sales: 83,000 units, down 34% year-on-year and down 56% month-on-month; 3) PHEV sales: 122,000 units, down 29% year-on-year and down 45% month-on-month; 4) Overseas sales: 100,000 units, up 51% year-on-year but down 25% month-on-month; 5) Lithium battery shipments: 20.2 GWh, up 30% year-on-year yet down 26% month-on-month.
January witnessed a significant adjustment in wholesale sales volumes, although overseas sales remained at a high level. Total wholesale sales for January reached 210,000 units, representing a 30% decrease compared to the same period last year and a 50% drop from the previous month. By brand, the Dynasty and Ocean series contributed 178,000 units, Fang Cheng Bao added 22,000 units, Denza accounted for 6,000 units, and Yangwang reached 413 units. Overseas sales approximated 100,000 units, surging 51% year-on-year (based on the flash report caliber) but declining 25% sequentially due to seasonal factors, maintaining a state of rapid year-on-year growth.
The adjustment in wholesale sales节奏 is primarily aimed at managing terminal inventory and production pacing. Following the implementation of the vehicle trade-in policy and the new energy vehicle purchase tax policy, consumer sentiment failed to receive a significant boost, resulting in subdued terminal demand during January. The company's new product cycle for 2026 is anticipated to gradually commence after the Spring Festival in February; consequently, clearing existing vehicle inventory is necessary before new model launches. The current wholesale strategy adjustment provides adequate time and space for this terminal inventory clearance. Furthermore, recent intensified fluctuations in upstream basic raw materials such as lithium carbonate, aluminum, and copper may also be impacting production scheduling.
Market concerns are centered on the negative effects of demand weakness and cost pressures, yet there is confidence in the resilience of leading industry players. Post-policy support phase-out, terminal demand has underperformed, compounded by rising upstream raw material prices, leading to market worries about declining economies of scale and increasing cost pressures for passenger car manufacturers. BYD Company Limited, leveraging its vertically integrated business model, demonstrated effective adaptation during the raw material price surge of 2021-2022, even managing to improve per-vehicle profitability through scale effects. Faced with market share competition, the company is expected to revitalize its product portfolio through new launches scheduled for 2026, focusing on premium segments and international expansion.
As the growth rate of new energy vehicle penetration slows, the market is transitioning from rapid expansion to an emphasis on high-quality development. As an industry leader, the company is well-positioned to enhance its operational quality by capitalizing on its scale advantages and adaptability. Risks include profitability falling short of expectations, domestic market share underperformance, and overseas sales failing to meet targets.
This material is based on the report titled "[Huachuang Auto] BYD Company Limited (002594) January 2026 Sales Review: Wholesale Sales节奏 Adjustment, Awaiting the Subsequent Product Cycle" released by Huachuang Securities Research Institute on February 4, 2025. For the complete and authoritative content, please refer to the full report published on that date.
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