BYD’s Great Tang SUV Racks Up 100,000 Orders as Export Engine Offsets China’s Price War Wounds

BYD's Great Tang SUV hits 100K pre-orders, but Q1 net profit crashes 55% as domestic price wars squeeze margins, while record exports offset weakness.

BYD is living a tale of two markets. The Chinese electric-vehicle giant’s new flagship SUV, the Great Tang, has amassed more than 100,000 pre-orders since its launch on April 24, with over 30,000 reservations flooding in within the first 24 hours alone. Lu Tian, head of sales for the Dynasty network, disclosed the milestone on May 7. Yet the product momentum stands in stark contrast to the company’s financial reality: first-quarter net profit cratered 55 percent to 4.08 billion yuan, while revenue slid 12 percent to 150.2 billion yuan — the fourth consecutive quarter of declining earnings.

The disconnect between BYD’s domestic struggles and its global ambitions has never been starker. In April, the world’s largest EV maker delivered roughly 314,000 electric and hybrid vehicles, a nearly 16 percent year-on-year drop that marked the eighth straight month of falling sales. The bloodletting in China’s price war, intensified by rivals such as Xiaomi and Geely, has forced BYD into aggressive discounting — with March seeing the steepest price cuts in two years, squeezing margins on every vehicle sold.

Export boom reshapes the narrative

Overseas markets, however, tell a radically different story. BYD shipped a record 134,000 vehicles abroad in April, pushing the export share to nearly 42 percent of total deliveries. The first quarter saw exports jump more than 50 percent year-on-year, with roughly 45 percent of all 700,000 vehicles sold going to international buyers. That overseas tilt is propping up average selling prices and explains why the automotive segment’s 16 percent revenue decline was less severe than the volume drop.

The export offensive is reshaping competitive dynamics far beyond China’s borders. In Britain, BYD overtook both Tesla and Volkswagen in April with 13,000 EV registrations. Brazil has become a stronghold: the Chinese automaker now leads the overall market with nearly 15,000 vehicles sold, pushing Volkswagen into second place. In Australia, the Sealion 7 model has become the top-selling EV, relegating Tesla to also-ran status.

Great Tang: BYD’s premium gamble

The Great Tang represents BYD’s most ambitious push upmarket. The full-size SUV starts at 250,000 yuan (about $36,700) and tops out at 320,000 yuan for the fully loaded version. Measuring 5,263 mm in length with a 2+2+3 seven-seat layout, it packs second-generation Blade battery technology, a 1,000-volt architecture, and a claimed CLTC range of up to 950 km. Lidar-based driver assistance, a 3-nanometer cockpit chip, and a 27-speaker Devialet audio system round out the premium package.

The model is designed to plug a gap in BYD’s domestic lineup as the premium segment grows more crowded. Chery unveiled the Tiggo X in early May, boasting 476 horsepower and a combined range of 1,500 km — a direct challenge to BYD’s home turf.

Cash burn and market share erosion

The weak home market is taking a heavy toll on the balance sheet. First-quarter free cash flow turned deeply negative, with BYD burning through 88 billion yuan in liquid assets. The company has responded by raising prices on certain driver-assistance systems, a move that risks further alienating price-sensitive Chinese buyers.

BYD’s core Dynasty and Ocean brands saw volumes tumble more than 21 percent in April. The Denza brand also suffered, with sales falling nearly 27 percent. Only the FangChengBao off-road lineup posted robust growth, though from a much smaller base. Domestic first-quarter sales slumped to 303,150 units, a staggering 61 percent decline from the year-ago period.

Stock languishes near lows

The Hong Kong-listed shares (1211) closed recently at around 98.90 HKD, far below the 52-week high of 159.27 HKD. The stock has shed nearly 5 percent over the past month. Analysts were caught off guard: first-quarter earnings per share missed consensus estimates by more than 26 percent.

Whether the Great Tang’s 100,000 pre-orders can catalyze a turnaround depends on conversion rates when deliveries begin in the first half of 2026. For now, BYD’s management has little choice but to double down on exports. The overseas business has evolved from a nice-to-have into the central profit engine — one that must compensate for the vanishing margins in China’s brutal price war.