TLDR
- February 2026 saw BYD’s NEV sales plummet 41.1% year-over-year, matching the severity of February 2020’s pandemic decline.
- The company has experienced six consecutive months of sales contraction.
- Production and sales figures for NEVs decreased approximately 38% versus February 2025.
- Passenger vehicle segments experienced significant volume reductions.
- International shipments reached 100,600 NEVs, while battery operations maintained robust capacity.
February delivered the most severe sales contraction BYD has experienced in six years, with new energy vehicle sales declining 41.1% compared to the prior year period. This continues an extended pattern of weakening performance for China’s leading EV manufacturer.
The magnitude of February’s decline matches levels last observed in February 2020, during the initial shockwaves of the COVID-19 pandemic across global markets.
According to Sunday’s stock exchange filing, both new energy vehicle manufacturing output and sales volumes contracted roughly 38% relative to February 2025.
Passenger vehicle categories bore the brunt of the downturn across the company’s product portfolio, although BYD chose against publishing granular segment-level data in the regulatory disclosure.
These figures emerge while BYD maintains substantial market share in the worldwide electric vehicle sector and pursues aggressive expansion across international territories.
Export Numbers Offer Some Cushion
International markets provided modest support during February’s challenging period, with BYD delivering 100,600 NEVs to overseas customers. Management characterized the export performance as a relative strength within the monthly results.
Battery operations demonstrated resilience throughout the period. The company emphasized its installed power and energy storage battery capacity as indicators of sustained operational scale, even as vehicle unit sales contracted.
Management strategy appears focused on leveraging battery manufacturing capabilities and international market presence to counterbalance softer Chinese domestic demand.
February historically represents a seasonally weak period for Chinese automotive sales, primarily due to Lunar New Year celebrations that reduce operational days and customer showroom activity.
While this calendar effect occurs annually, February 2026’s decline magnitude remains exceptional even when accounting for typical seasonal patterns.
What the Numbers Show
BYD’s year-to-date stock performance registered -0.42% at the time of the company’s filing, with market capitalization standing at HK$890 billion.
Daily trading activity averages approximately 21.5 million units.
Technical analysis indicators currently signal a Buy rating for the equity.
The latest analyst assessment for HK:1211 maintains a Buy recommendation alongside a HK$130.00 price objective.
Six months of consecutive sales deterioration prompts concerns regarding immediate demand trends, especially within China’s domestic market where electric vehicle brand competition has reached unprecedented intensity.
BYD’s February 2026 regulatory submission documented total NEV production and sales both declining approximately 38% year-over-year, with overseas shipments totaling 100,600 units while battery division capacity remained at elevated levels.
