BYD Company (HKG:1211, SHE:002594) has lowered its sales target for this year by as much as 16% to 4.6 million vehicles, Reuters reported Thursday, citing people familiar with the matter.

The Chinese automaker initially told analysts in March it was aiming for 5.5 million vehicle sales in 2025, but that figure has since been revised down several times internally, according to the report.

The downgrade comes amid intensifying competition from rivals such as Geely Auto (HKG:0175) and Leapmotor (HKG:9863), Reuters said.

Last week, BYD reported a 30% drop in quarterly profit, its first decline in more than three years.

The new goal is below several recently lowered analyst forecasts, including 4.7 million by Deutsche Bank and 4.8 million by Morningstar, the report said.

It represents 7% growth from last year, the slowest since 2020 when sales fell 7%, it added.

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