Just when you thought the EV market couldn't get more saturated or competitive in China, sales have once again slowed and the country's market leader, BYD, is once again implementing price cuts. Sales of BEVs were up 18.2% in January-February compared to 20.
Despite these cuts, BYD's market share dropped to 30.7% in February, the lowest since June 2022, even though it remains the largest EV seller globally, surpassing Tesla with most sales in China. Related This Could Be A Gamechanger For Natural Gas In Europe BYD exported 19% of its vehicles in February, marking its highest export ratio, contributing to China's 18% increase in car exports, with EVs making up 26.4% of this total.
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