Chinese EV giants BYD and Geely saw sales stabilize in April, leveraging record-breaking exports to counter a cooling domestic market. BYD sold 321,123 vehicles — a 15% annual decline that improved over March — supported by record overseas shipments of 135,098 units. Geely and Chery similarly reported surging international growth, with overseas deliveries jumping 244.7% and 102.4% respectively. While domestic retail sales fell 11% following the halving of a key tax exemption, smaller players like Leapmotor hit record deliveries of 71,387 units. Despite the export-led rebound, analysts remain cautious, noting that thin 3.2% profit margins and domestic policy uncertainty will be critical factors for the remainder of 2026.

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