BYD says demand is double its capacity, but its sales data tells a different story

TL;DR

BYD predicts China will reach 80% EV penetration as gas car sales plunge 39%, but faces the Pentagon’s 1260H list and Hungary labour scrutiny.

BYD’s executive vice president Stella Li told CNBC on Monday that China’s EV market will push to close to 80% penetration, a bullish forecast that contrasts sharply with rival Nio, whose chief executive William Li said last month that the industry’s “golden era” was over. The prediction arrives on the same day the Pentagon added BYD to its 1260H list of Chinese military-affiliated companies, a designation that prohibits the Department of Defense from contracting directly with listed entities starting 30 June and from procuring their products through third parties a year later.

The penetration rate for hybrid and battery-only vehicles in China has already reached record levels. New energy vehicles accounted for 62.9% of new passenger car sales in May, according to the...

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