China's electric vehicle manufacturer BYD reported a decline in domestic vehicle sales this year, the company's Chairman and President Wang Chuanfu said at a temporary shareholder meeting in Shenzhen.

Wang attributed the slowdown to a combination of factors, including a decrease in the company’s technological edge compared with previous years and growing industry homogenization.

“Currently, our technology is not as leading as in past years, and the market impact of our innovations has somewhat diminished,” Wang said. He also cited user pain points such as slow charging speeds in low temperatures, noting that these challenges will be addressed through upcoming technical breakthroughs.

Wang emphasized that major technology releases are forthcoming, though he did not provide specifics. He highlighted BYD’s strength in its 120,000-strong engineering team, describing it as the foundation for future technological advancements and the company’s efforts to regain its competitive edge.