Boyd Gaming Corporation Aktie News

BYD Co. is doubling down on Europe as it faces stiff competition and a bruising price war in China. The electric vehicle giant is adding new models, building out retail presence, and forging supplier partnerships to gain ground against entrenched European automakers.

BYD has lowered its sales target for this year by as much as 16% to 4.6 million vehicles, Reuters reported earlier today, citing two people with knowledge of the matter. The cut reflects the Chinese electric vehicle maker's slowest annual growth in five years and signals that its era of record-breaking expansion may be ending.

When it comes to the electric vehicle (EV) industry, most investors instantly think of Tesla. That's fair -- Tesla arguably has done more than any company to change the game for the EV industry by making EVs nearly mainstream in popularity.

BYD's electric car and plug-in hybrid output declined for the second straight month in August, indicating a rare slowdown for the Chinese automaker following years of strong expansion. The world's largest EV manufacturer produced 353,090 vehicles this month, a 3.78% decrease from the previous year, according to a Hong Kong Stock Exchange report.

The EV maker has been forced to offer steep discounts to defend its market share.

Tesla rivals XPeng, Xiaomi, Nio and Li Auto will report China EV sales for August on Monday, with giant BYD due Sept. 1-2.

In the first half of this year, China's EV giant BYD made $2.1 billion on revenue of $52 billion.

Tesla's presence in the European electric vehicle market weakened further in July, with sales declining for the seventh consecutive month. According to new data released by the European Automobile Manufacturers Association (ACEA), Tesla recorded a 40% year-on-year drop in new registrations, while Chinese rival BYD achieved a sharp increase.