BYD Cuts 2025 EV Forecast Amid $45B Value Wipeout

China’s electric vehicle giant BYD has cut its 2025 vehicle delivery forecast to 4.6 million units, down from its previous 5.5 million target, following a US$45 billion market value loss.

The company’s Hong Kong-listed shares have plunged over 30 percent in four months, surpassing declines seen by rivals. BYD reported a 30 percent profit decline in Q2, its first drop in more than three years, as its aggressive price-cutting strategy fueled a heated EV price war in China.

Despite being the market leader, BYD’s strategy has allowed competitors such as Geely and Leapmotor to gain significant ground. In August 2025, BYD’s sales fell 20.7 percent, while Geely’s surged 83.6 percent to nearly 173,000 units.

Key Highlights

• BYD slashes 2025 vehicle delivery target to 4.6M amid profit drop
• Q2 profit falls 30 percent, first decline in over three years
• Competitors Geely & Leapmotor gain market share as BYD sales slow

BYD sold 373,626 vehicles in August, maintaining its top spot, but its plug-in hybrid sales dropped 22.7 percent YoY, signaling product-cycle weakness. Analysts have noted that BYD’s lineup is becoming “stale,” and buyers are turning to newer competitors.

Also Read: BYD Tops EV Sales in Hong Kong, Beating Tesla in H1 2025

China’s government has expressed concern about excessive discounting, warning that this “involution” could create deflationary risks for the industry. To revive momentum, BYD plans to launch new models in Q1 2026 after delaying some releases. Analysts estimate BYD must deliver 1.7 million vehicles in the final four months of 2025 to hit its revised target.