BYD Stock Hits Nine-Month Low as October Sales Decline 12%

BYD Co. shares plunged to a nine-month low on the Hong Kong exchange after reporting a 12.1% year-over-year sales drop in October. The Chinese EV giant sold 441,706 vehicles last month, down from 502,675 units a year earlier. Plug-in hybrid sales cratered 31.1%, signaling shifting consumer preferences in the world's largest auto market.

SAIC Motor dethroned BYD as China's top automaker with 453,978 deliveries. Meanwhile, rivals Nio and XPeng posted explosive growth—92.6% and 76% respectively—highlighting the intensifying competition in China's EV sector. BYD now faces the daunting task of moving 450,000 units monthly through December to hit its 4.6 million annual target.

Despite the setback, BYD's year-to-date sales remain robust at 3.7 million vehicles, a 13.9% increase from 2022. Battery-electric models drove growth, surging 34.5% to approximately 1.8 million units. The sales slump raises questions about whether BYD can maintain its dominance as Tesla and domestic challengers gain ground.