The revision comes as Shenzhen-based BYD reported a 30% drop in quarterly income last week, a signal that not even dominant players are safe in China’s cut-throat battle for market share.
BYD has slashed its full-year sales target by almost 20% as intense competition in its home market of China eats into profits.
The world’s biggest seller of electric vehicles now plans to deliver 4.6 million units this year, down 16% from its previous expectation for 5.5 million, Reuters reported Thursday, citing sources it didn’t identify.
