BYD’s Global Surge Masks Domestic Market Pressures

The latest sales figures from Chinese electric vehicle titan BYD present a study in contrasts. While the company's international shipments are reaching unprecedented heights, its core domestic business is showing unexpected signs of strain. This divergence is creating a complex investment narrative, reflected in a share price that retreated approximately 1.6% following the data release.

November 2025 sales data revealed a year-over-year contraction in BYD's total delivery volume, a development that has unsettled some market participants. The company sold a total of 480,186 New Energy Vehicles (NEVs) for the month. Although this represents a solid 8.7% increase from October's figures, it marks a 5.25% decline compared to November of the previous year.

This slowdown signals a potential saturation point in China's fiercely competitive EV landscape. After enjoying double-digit growth rates domestically for much of 2024, BYD now faces a more challenging environment. The phase-out of purchase subsidies and intense competition from rival manufacturers are making further expansion on its home turf increasingly difficult.

International Operations Ignite

Counterbalancing the domestic softness is an extraordinary explosion in overseas business. BYD's "Go Global" strategy is delivering spectacular results. November exports skyrocketed to a record 131,935 vehicles, an astonishing increase of 326% year-over-year.

This export boom is not a fleeting anomaly but the outcome of substantial strategic investments. Key operational milestones underscore this global push:
* Thailand: The Rayong plant celebrated a significant achievement on November 27th, producing its 70,000th vehicle just 16 months after commencing operations.
* Singapore: In October, BYD secured a dominant 26.5% market share in the country with over 1,050 vehicle registrations.
* Europe: The recent 5-star Euro NCAP safety rating awarded to the BYD SEAL 06 DM-i provides a crucial credential for gaining trust in the quality-conscious European market.

Should investors sell immediately? Or is it worth buying BYD?

The Road Ahead: Year-End Push and New Models

All eyes are now on December's performance. To meet its adjusted annual targets, BYD must maintain a monthly sales run rate exceeding 418,000 units in the final month of the year.

Simultaneously, the product pipeline for 2026 is generating anticipation. Industry reports and early images confirm that a new pickup truck is in advanced testing phases. Its planned 2026 launch in South America represents a direct assault on a lucrative segment long dominated by established players.

Key Data Points at a Glance:

• Total Sales (Nov 2025): ~480,186 (-5.25% YoY)
• Export Volume: ~131,935 (+326% YoY)
• Production Milestone: 70,000th car built in Thailand
• Market Reaction: Shares down intraday by ~1.6%

The robust export performance may help support overall margins, but a key question remains: can international profits fully offset the intensifying price competition within China? From a technical perspective, the stock is now testing support levels that formed during its consolidation phase in the third quarter.