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BYD Loses EV Market Share As Competition Intensifies In China

by THEFUTURE.TEAM

March 5, 2026

BYD, the world’s largest electric vehicle manufacturer, reported a decline in domestic sales during the first two months of 2026. Adjusted for seasonal fluctuations linked to the Chinese New Year, sales fell by 36% year-over-year, highlighting intensifying competition in China’s electric vehicle market.

Competitive Surge And Shifting Market Dynamics

While BYD’s sales weakened, several competitors posted strong gains. Leapmotor and Xiaomi reported year-over-year sales growth of 19% and 48%, respectively. Leapmotor delivered 60,126 vehicles during the two months, while Xiaomi exceeded 59,000 units.

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Other manufacturers also recorded significant increases. Deliveries at NIO rose by 77%, while Zeekr reported an 84% increase, according to calculations cited by CNBC.

Not all automakers saw growth. Deliveries at XPeng declined by 42%, while Li Auto recorded a smaller drop of nearly 4%, illustrating uneven performance across the sector.

China’s Leveling Playing Field

Analysts say competition in China’s EV market is becoming more balanced. Leon Cheng, head of the mobility practice at YCP, noted that BYD still holds a substantial market share but faces increasing pressure from competitors targeting mid-range vehicle segments.

New product launches are also reshaping the landscape. Xiaomi’s YU7 SUV became the best-selling passenger vehicle in China in January, surpassing the Tesla Model Y, which had previously held the top position.

Policy changes may have also affected recent sales. China reinstated a 5% purchase tax on new energy vehicles, prompting many consumers to accelerate purchases before the tax took effect.

Push For Self-Reliance And Diversification

Chinese EV manufacturers are increasingly expanding beyond domestic markets. BYD has accelerated its international strategy, and in February, its exports exceeded domestic sales for the first time. Growing overseas demand provides a buffer against rising competition in China, where multiple manufacturers are targeting the same consumer segments.

Regulators are also gradually reducing purchase incentives for electric vehicles to encourage technological development and greater industry self-reliance. Lawrence Loh, professor at the National University of Singapore Business School, noted that this shift is encouraging companies to develop new financing strategies.

Several automakers have already introduced new financing offers. Tesla launched five-year zero-interest loans, while Xiaomi introduced seven-year low-interest financing options aimed at maintaining consumer demand.

Looking Ahead

BYD is preparing new product launches for the domestic market later this year, including models featuring updated battery technologies and driver-assistance systems.

Industry observers say these developments could support renewed demand while avoiding another round of aggressive price competition in China’s EV sector.

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Passkeys Are The Gold Standard For Account Security. So Why Don’t More Major Apps Offer Them?

Passkeys are increasingly being promoted as one of the most effective ways to protect online accounts. By reducing reliance on passwords, they help prevent phishing attacks, simplify sign-ins and strengthen account security. Despite those advantages, however, many major digital platforms have yet to adopt the technology.

A Security Upgrade Still Missing At Scale

That gap is the focus of whynopasskeys.com, a new site created by security researcher Scott Helme to highlight companies that have not yet enabled passkeys for their users. The site tracks major consumer brands that continue to rely on older login methods even as passkeys become the industry standard.

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Among the services still without passkey support are Instagram, Netflix and Spotify, according to the site’s data.

Why Passkeys Matter

Unlike traditional passwords, passkeys are generated on a user’s device and linked both to that device and to a specific website or application. Authentication can be completed through biometrics such as Face ID or Touch ID, a hardware security key or a password manager.

Because users do not need to create or remember passwords, opportunities for credential theft, phishing attacks and password reuse are significantly reduced. In most cases, gaining access to an account would require direct access to the user’s device.

Public Accountability As A Pressure Tactic

In a blog post explaining the project, Helme said the goal is to create pressure by making the absence of passkey support visible. “A list is a surprisingly effective motivator. Nobody wants to be on the list,” he wrote.

That approach has already worked elsewhere in cybersecurity: when businesses are publicly compared against peers on basic protections, they often move faster to close the gap. In this case, the list is intended to push platforms to give users a stronger and simpler login option.

The Companies Moving Faster

Many large technology companies have already adopted passkeys, including Apple, Google and Microsoft, reflecting the technology’s growing role in account security.

Implementation, however, remains uneven. Instagram users can currently access passkeys only when their account is linked to a Facebook account that already has passkey support enabled, highlighting differences in adoption even within the same company.

The Bigger Business Question

Meta has not publicly explained why passkeys are available on some of its platforms, including Facebook and WhatsApp, but not fully across Instagram.

Debate within the industry is no longer centred on whether passkeys work, but on how quickly companies are willing to deploy them. As phishing, credential theft and account fraud remain persistent cybersecurity challenges, passkeys are increasingly being viewed not as an optional feature but as an emerging security standard.