The shortfall is partly because of a global slowdown in EV sales growth as well as issues specific to BYD. In Europe, BYD sold around 16,000 vehicles in 2023, according to registration data compiled by Jato Dynamics, below an internal target set the previous year for the continent. One BYD executive described overseas customers’ reception of BYD vehicles as similar to “going to a decent restaurant but finding the plate is chipped." BYD vehicles cost a lot more overseas than in China, which diminishes the company’s ability to compete with better-known brands on price. BYD sold more than 12,000 vehicles in Australia last year, one of its bright spots overseas.

Source: Wall Street Journal March 12, 2024 12:45 UTC