BYD Chief Says Sales Slump Will Reverse as Major New Tech Nears

BYD chairman Wang Chuanfu told shareholders that the company’s recent sales slowdown reflects a temporary weakening of its once-dominant technology advantage, but said a rebound is likely as new, “major” innovations roll out in the coming years. Wang argued that BYD’s 120,000-engineer R&D force remains its greatest strength, and that fresh investments in technology, product execution, and global expansion will restore its leadership momentum.

BYD expects new tech releases to regain its competitive edge

Wang said domestic sales declined this year because BYD’s technological lead wasn’t as strong as in previous cycles, reducing the “wow factor” that previously fueled rapid growth. The slowdown followed several years of industry-topping expansion that made BYD the world’s largest NEV manufacturer. While 480,186 vehicles sold in November marked its strongest monthly performance of 2024, the figure still represented a 5.25% year-on-year dip and the third straight monthly decline.

He noted that the broader market has entered a more intense price-competition phase as automakers push incremental improvements while waiting for the next major technological leap. Among current technical hurdles, slow charging performance in cold temperatures remains a key pain point, one he believes must be solved through next-generation engineering.

Wang hinted at significant announcements ahead but declined to give details, saying only that BYD’s core competitiveness remains rooted in technology and that new breakthroughs are already in progress, according to CNEV Post.

Company leans on 120,000 engineers as it boosts R&D and global push

Over the next two to three years, BYD will accelerate R&D investment to deliver more advanced innovations and re-establish a clear tech lead, Wang said. This includes resolving past marketing inertia by improving sales execution, aligning product offerings more closely with consumer expectations, and ensuring new technologies translate directly into market advantage.

BYD will also step up global expansion as competition at home intensifies. While the company updated many models with smart-driving features early this year, the effort didn’t deliver expected sales growth, prompting BYD to introduce lower-priced variants without advanced driver-assistance systems. Meanwhile, rivals such as Geely have been pushing aggressively into efficient hybrid platforms and more affordable EVs, raising competitive pressure.

EV.com tracks the evolving EV collector space and performance electric vehicles hitting the market. Explore our listings to find the best EVs in your area available today.