NANJING, CHINA – The electric vehicle (EV) market in China is experiencing a dynamic shift as top players adjust to new competitive pressures. BYD, a leader in the industry, has seen a continued decline in domestic sales, while rivals like Leapmotor and Zeekr are achieving record-breaking deliveries.
BYD’s passenger vehicle sales have decreased for the eighth consecutive month. In April, the company delivered 314,100 new energy vehicles, a 15.7% drop from the previous year. However, this figure marks a 6.2% increase from March, demonstrating some recovery.
Despite challenges at home, BYD’s export numbers reached a historic high of 135,098, reflecting a 70% rise year-on-year. This underscores the company’s growing dependency on international markets as local competition intensifies.
In the first quarter, BYD reported a significant 55.4% drop in profits, with operating revenue down by 11.8% to 150 billion yuan ($22 billion). This decline comes amid strong performances by domestic competitors.
Surging Rivals
Leapmotor, ranked second among Chinese EV makers, achieved its highest-ever monthly deliveries in April, with 71,387 units, marking a 73.9% increase from the previous year. The Stellantis-backed company previously recorded its monthly high in November 2025 and reported its first annual profit last year.
Zeekr, Geely’s premium EV brand, also set a new monthly sales record with 31,787 units, a 131.6% increase year-on-year.
Meanwhile, Xiaomi posted over 30,000 EV deliveries in April, a 7.1% rise from the previous year, and has received more than 70,000 pre-orders for its new SU7 sedan.
Nio, another key player, delivered 29,356 EVs in April, up 22.8% from the same period last year, including sales from its Onvo and Firefly brands.
Li Auto’s April deliveries remained stable at 34,085 units, a slight 0.4% increase year-on-year.
Xpeng, following the launch of its new GX SUV, experienced a year-on-year sales decline with 31,011 deliveries, an 11.5% drop from last year, a trend mirrored only by BYD.
Global Expansion Efforts
As BYD focuses on global markets, it plans to export over one million units in 2026. The company captured 70% of EV sales in Mexico and 75% in Argentina in 2025, according to Latam Mobility estimates.
BYD’s passenger EV registrations in the EU, EFTA, and the UK increased by more than 155% in the first quarter of 2026. The company is also seeking to join the ACEA, Europe’s automotive lobby, according to Bloomberg.
Other Chinese EV companies are expanding globally as well. Leapmotor is pursuing international growth through a joint venture with Stellantis, aiming for over 800 outlets in Europe and 30 in Latin America by the end of 2025. Though it hasn’t disclosed monthly exports, Leapmotor plans to export between 100,000 to 150,000 units.
Li Auto announced its entry into the Middle East, signing agreements to distribute its vehicles in Saudi Arabia and the UAE, with plans to expand into Southeast Asia.
Original Story at www.cnbc.com