BYD’s Global Surge Masks Domestic Slowdown

The latest sales figures from Chinese electric vehicle titan BYD reveal a market story of two starkly different halves. As the company's core domestic operations face mounting pressure, its international business is posting historic growth. This divergence is forcing investors to ask whether an aggressive global push can permanently offset a cooling home market.

For the third consecutive month, BYD has reported a year-on-year decline in its home market. Sales within China fell by 5.25 percent in November 2025. This contraction highlights a clear shift: the once-unstoppable growth momentum in the world's largest EV market has stalled. Even the sector leader is not immune to the intense price competition and market saturation now characterizing China's automotive landscape.

The domestic slowdown acted as a drag on the company's overall performance for the month. Total deliveries of 480,186 New Energy Vehicles (NEVs) were recorded, a figure that would have been significantly higher without the home market decline.

Overseas Exports Skyrocket

In dramatic contrast, BYD's international expansion is accelerating at a breathtaking pace. The company exported a record 131,935 vehicles in November 2025. This represents an explosive increase of 325.91 percent compared to the same month last year.

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

This monthly surge far outpaces the already robust annual growth rate of approximately 153 percent, indicating a dramatic year-end acceleration in overseas momentum. The strategic pivot to counterbalance weaker domestic demand by capturing new international markets is now delivering tangible, substantial results.

A Strategic Pivot in Progress

The investment narrative for BYD is undergoing a fundamental recalibration. The stock's valuation is increasingly decoupling from pure domestic volume and is now more closely tied to the success of its global rollout. BYD is transforming from a dominant China-focused player into a heavyweight global exporter.

The sharp rise in the export share for November substantially reduces the company's exposure to the brutal price wars at home. Markets are currently pricing in the expectation that this export momentum can not only compensate for but eventually surpass domestic weaknesses in the long term. The November data provides the first concrete evidence that this strategic bet is paying off.

The critical question for the future share price trajectory will be whether BYD can sustain this breakneck expansion pace without being hindered by new trade barriers or geopolitical friction. The company's ability to navigate these challenges will determine if its global transformation is a lasting success.