BYD's 515 kW Tang EV Filing Lands Alongside a 22% Share Decline and Shrinking Export Buffer

BYD is pressing ahead with a twin-track strategy of rapid model renewal at home and deeper manufacturing roots abroad, even as its shares trade deep in negative territory for the year. The stock closed Friday at EUR 8.34, down 22% since the start of January.

Regulatory filings published Friday by China's Ministry of Industry and Information Technology (MIIT) offered the first official performance figures for a new all-wheel-drive generation of the Tang EV. The five-seat SUV will carry two electric motors — a 215 kW unit up front and a 300 kW rear axle — for a combined peak output of 515 kW. Top speed is listed at 250 km/h. The documents did not disclose battery capacity, range or charging specifications for the all-wheel-drive variant.

Da Han EV Joins the Line-Up With Second-Generation Blade Cells

The Tang filing follows the formal market launch of the Da Han EV, which arrives in three battery-electric trim levels priced between 235,900 and 275,900 yuan. Every version uses a 102.3 kWh second-generation Blade battery that BYD says delivers up to 1,008 kilometres of range on China's CLTC test cycle, with a 10-to-97% charge achievable in nine minutes. A LiDAR-based driver-assistance system is fitted as well.

The product cadence shows no sign of slowing. On Friday, BYD manager Lu Tian shared images of the third-generation Qin PLUS after the model cleared regulatory registration in China, with media reports pointing to a market launch expected in late October.

Nine-Month Deliveries Slip 3.94%

Those technical upgrades are meeting a tougher commercial backdrop. BYD delivered 3,131,576 new-energy vehicles over the first nine months of the year, a 3.94% decline from the same period a year earlier. September alone accounted for 463,561 NEVs, including 456,713 passenger cars, with exports contributing 180,700 units.

Britain stood out as a bright spot: 20,140 new registrations in September made it BYD's strongest month and strongest quarter in that market to date, according to the company.

Trade Barriers Bite Into Export Economics

Policy shifts are clouding the export outlook. A deal between the European Union and China caps imported hybrid vehicles at 350,000 units a year. Roughly a week ago, China's finance ministry also announced it will cut the value-added tax rebate on exports of alternative-drive vehicles from 13% to 9% effective April 1, 2027 — a change that could squeeze exporter margins.

Rising tariffs and trade hurdles are pushing Chinese manufacturers to build production capacity directly in their target markets. UOB Kay Hian flagged on October 9 that these barriers are intensifying the pressure toward localised manufacturing. Media reports indicate BYD plans to grow its European headcount to around 40,000 employees by 2030, strengthening sales and production operations across the continent.

Analyst Backs the Stock Despite a Soft Home Market

The same brokerage cut its sales forecasts for Chinese automakers for 2026 through 2028, citing weakness at home, where expiring tax incentives and higher fuel prices are weighing particularly on the combustion-engine segment. Even so, UOB Kay Hian reiterated a buy rating on BYD on October 9 and kept the stock as its sector favourite, despite the Chinese auto industry's weaker-than-expected nine-month figures.

Whether the latest generation of technical upgrades can offset margin pressure on exports is the question that will shape the coming quarters.