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BYD sales rise for sixth month as exports double

Credit: P. L. by Unsplash
P. L. by Unsplash

BYD, the Chinese electric carmaker, has reported a sixth consecutive month of sales growth as rising exports offset weak demand at home.

The company sold 490,168 vehicles in October, up 11% on a year earlier, according to Reuters calculations based on a company filing on Sunday.

Growth slowed from 17% in September.

Overseas shipments more than doubled to 170,194 vehicles, an increase of 102.8%.

Exports now account for about a third of BYD's sales.

The figures suggest sales in China fell by about 10% over the same period.

The domestic car market has suffered a steeper downturn than expected this year, with carmakers locked in a price war to win customers.

A modest recovery is expected in 2027.

BYD's profit growth slowed to 28% in the third quarter, missing analysts' forecasts.

Chinese carmakers have pushed into export markets to make up for weak demand at home, which has increased competition overseas.

BYD is one of the biggest exporters of hybrid vehicles, which combine a petrol engine with a battery, to the European Union (EU).

It could face new restrictions under a deal between China and the EU aimed at limiting hybrid imports into Europe.