Warren Buffett-backed Chinese electric vehicle (EV) giant BYD Co recorded a significant jump in sales last month. Battery electric vehicle deliveries for June increased by 84.3% compared to the previous year, reaching 128,196 units. Additionally, plug-in hybrid electric vehicle sales rose to 123,489 units from 64,218 units year-on-year, contributing to an overall passenger vehicle sales increase of 88.2% to 251,685 units.
Production numbers also saw a surge, with battery EV and plug-in hybrid EV production rising by 86.1% and 87.6% respectively compared to the previous year. However, the company’s overseas sales volume of New Energy Passenger Vehicles, while showing growth, still fell short of earlier numbers. In February, BYD reported an overseas sales volume of 15,002 units, whereas in June, it reached 10,536 units compared to 10,203 units in May.
The significance of these sales figures lies in the fact that BYD delivered a total of 1,255,637 new energy vehicles year-to-date in June, surpassing American EV giant Tesla, which delivered 889,015 vehicles during the same period. It is worth noting that Tesla exclusively produces battery electric vehicles.
Despite the positive sales performance, Warren Buffett has been gradually reducing his stake in BYD. Berkshire Hathaway’s stake in the Chinese EV maker now stands at 8.98%.
In related news, Lordstown Motors, an electric vehicle manufacturer, recently received a Nasdaq delisting notice after filing for bankruptcy.
For more information on the future of mobility, you can visit Benzinga’s coverage by following this link.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Despite the positive sales performance, why is Warren Buffett gradually decreasing his stake in BYD
Warren Buffett-backed Chinese electric vehicle (EV) giant BYD Co experienced a remarkable surge in sales last month. In June, the company recorded an 84.3% increase in battery electric vehicle deliveries compared to the previous year, with a total of 128,196 units sold. Furthermore, plug-in hybrid electric vehicle sales rose to 123,489 units, up from 64,218 units year-on-year. Overall, passenger vehicle sales increased by 88.2%, reaching 251,685 units.
Production numbers also saw a significant boost, with battery EV and plug-in hybrid EV production rising by 86.1% and 87.6% respectively compared to the previous year. However, despite observing growth, BYD’s overseas sales volume of New Energy Passenger Vehicles fell short of earlier numbers. In June, overseas sales reached 10,536 units, compared to 10,203 units in May, and the company had reported an overseas sales volume of 15,002 units in February.
These sales figures hold substantial significance as BYD delivered a total of 1,255,637 new energy vehicles year-to-date in June, surpassing American EV giant Tesla, which delivered 889,015 vehicles during the same period. It is worth noting that Tesla exclusively produces battery electric vehicles.
Despite the positive sales performance, Warren Buffett has been gradually decreasing his stake in BYD. Berkshire Hathaway now holds an 8.98% stake in the Chinese EV maker.
In related news, Lordstown Motors, an electric vehicle manufacturer, recently received a Nasdaq delisting notice after filing for bankruptcy.
For more information on the future of mobility, you can visit Benzinga’s coverage by following this link.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
It’s impressive to see BYD’s rapid growth in EV sales, surpassing even Tesla’s numbers. This highlights China’s strong push towards electric mobility and the potential for their homegrown companies to dominate the EV market.
BYD’s impressive sales surge is a testament to the growing demand and popularity of electric vehicles in China. Outpacing Tesla’s numbers is no mean feat, highlighting BYD’s strong position in the market. It will be interesting to see how this competition evolves in the future.