BYD Automobile reportedly loses some market shares to Huawei in China

Huawei has teamed up with many new automakers to introduce high-fy smart cars in China automobile market, which ultimately made BYD lose some of its market shares in the region. Despite good grades last year, the auto-firm is now drooping.

According to the details, BYD encountered market share loss in China, when Huawei entered the automobile franchise and brought it plug-in hybrid vehicles (PHEVs). These additions resulted in a boastful sale and increased the company’s revenue.

PHEV refers to new energy vehicles that offer much comfort, elevated performance, and excellent driving experience. It ensures that users not only get a luxurious appearance but also an excellent driving experience with better safety aspects.

In recent times, Huawei unveiled a variety of car models by associating with new Chinese automobile partners. The latest example in this field is the AITO Wenjie M9, while the one we may see in the coming days is the Luxeed S7 electric sedan.

BYD loses market shares to Huawei in China (Image Credits: Financial Times)

Even though PHEV sales hiked by 73% compared to last year with a shipment of 467000 units in China, the BYD company’s new energy vehicle sales dropped by 30.8% in January and February this year. This is a straight fall from 35% in 2023.

“This places huge pressure on BYD and Li Auto, the perennial leaders in the PHEV category, to defend their share”. says Automobility founder Bill Russo.

Huawei has once again firmed its legs on the Chinese automobile floor, which has even forced Apple to step back and cancel its efforts in making new electric cars. Besides, the company has said that this year will turn a profit for Huawei automobile unit.

Read More: Huawei Smart Car business to welcome profit this year: Huawei CEO

|| Source: Financial Times ||