BYD’s Two-Front War: Record SUV Deliveries Mask a Home-Market Slide
Published on 07/24/2026 at 05:11 | Redaktion boerse-global.de
BYD is sprinting in opposite directions. The Chinese electric-vehicle giant just handed over the 10,000th unit of its flagship Da Tang SUV — a model that only hit the market on June 17, 2026 — while simultaneously watching its domestic sales crater by more than a fifth in the same month. The contrast captures the dilemma facing investors: international momentum is real, but the home-market headwind is getting harder to ignore.
The Da Tang, priced between 239,900 and 309,900 yuan depending on trim, has already amassed over 150,000 pre-orders, according to CnEVPost. The SUV’s 950-kilometer range and 1000-volt architecture, which can charge from 10 to 97 percent in nine minutes, have clearly struck a chord. BYD is following up with the Da Han, a Dynasty-9 sedan stretching 5,256 millimeters with a wheelbase of 3,130 millimeters. Set to debut at the Chengdu Auto Show in August, the all-wheel-drive BEV version will deliver 570 kilowatts — 764 horsepower — and a top speed of 270 kilometers per hour. CnEVPost reports a range of up to 1,008 kilometers, powered by the second-generation Blade battery. A plug-in hybrid variant is also in the pipeline.
Yet the headline numbers tell a more complicated story. BYD sold 403,472 new energy vehicles globally in June, up 5.46 percent year-on-year. But in China, sales tumbled 22.02 percent to 228,123 units. For the first half of 2026, global deliveries reached 1,808,511 vehicles, a decline of 15.72 percent from the same period last year. The gap is being filled by exports: overseas sales surged 95 percent in June to 174,900 vehicles, and 70.65 percent for the half-year to 789,400 units, according to Chinese business outlet 36Kr.
That export push is taking physical shape. BYD is investing $150 million in an assembly plant in Gharo, in Pakistan’s Sindh province, with an annual capacity of 25,000 vehicles. Production is slated to start in the second half of 2026, with Mega Motor Company as the local partner. Along the 1,300-kilometer corridor between Karachi and Peshawar, 19 fast-charging stations built with HUBCO Green are already operational.
Should investors sell immediately? Or is it worth buying BYD?
The European front remains a key battleground. Tesla outsold BYD in the EU in June for the first time in months, registering 35,348 vehicles — a 72.1 percent jump — against BYD’s 30,791 units, which nonetheless rose 199.3 percent. Over the first half, BYD still leads with 130,743 registrations versus Tesla’s 124,242, a gap of just 6,501 units. The broader market across the EU, EFTA and the UK shows the two neck-and-neck at 2.4 percent market share each. Analysts caution that direct comparisons are imperfect: BYD sells a much cheaper mix of vehicles, including a significant number of hybrids.
Those hybrids are also a strategic hedge. The EU’s five-year countervailing tariff on battery-electric vehicles from China, imposed in October 2024, hits BYD with an additional 17.0 percent on top of the standard 10 percent import duty. Plug-in hybrids and combustion-engine cars from China still pay only the base 10 percent rate. BYD is exploiting that loophole while shifting some production to Hungary to reduce future tariff exposure.
The price war that has roiled China’s auto market is now spilling onto competitors’ turf. On July 23, 2026, Tesla’s stock plunged more than 13 percent, a move market observers linked in part to a new round of price cuts led by BYD and other Chinese manufacturers. For BYD itself, the valuation debate is intensifying. Simply Wall St pegged the Hong Kong-listed shares at 88.65 Hong Kong dollars, above its own narrative fair value of 85.40 Hong Kong dollars but far below a DCF-based estimate of 434.68 Hong Kong dollars. The average analyst price target still implies a roughly 40 percent discount. Foreign banks have estimated BYD’s quarterly profit at 95 to 102 billion yuan, while the company itself forecasts 80 to 90 billion yuan. The energy storage business, according to 36Kr, is already sold out for 2026, with orders extending into 2028.
BYD at a turning point? This analysis reveals what investors need to know now.
In Germany, BYD’s stock closed at 9.70 euros on Thursday, up 13.34 percent over 30 days but still 33.28 percent below the 52-week high of 14.54 euros set on July 24, 2025. The shares are trading near their 50-day moving average of 9.54 euros but roughly 7.7 percent below the 200-day average of 10.60 euros. With an RSI of 55.1 and annualized volatility around 41 percent, the stock sits in neutral territory — waiting, like the company itself, for the next signal on which front will ultimately define the narrative.
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