Warren Buffett-Backed EV Maker BYD Touts 172% Spike In Deliveries, Beating Tesla

BYD Company Ltd. BYDDF BYDDY achieved record sales in August, according to data filed with the Hong Kong stock exchange.

The Shenzhen, China-based company sold 82,678 battery electric vehicles (BEV) in August. That's up 172% from a year ago. Sequentially, the increase was a more modest 2%.

BYD’s BEV production climbed 170% year-over-year to 84,573 units in the month.

Along with the 91,299 units of plug-in hybrids the Warren Buffett-backed company sold, its August tally was at 173,997 vehicles. This compares to 174,480 cars produced during the month.

BYD’s performance places it ahead of domestic rivals Nio Inc. NIO, XPeng, Inc. XPEV and Li Auto Inc. LI.

Preliminary data released by the China Passenger Car Association on Thursday showed that EV pioneer Tesla, Inc.’s TSLA China wholesale sales, including domestic sales and export, were at 77,000 in August, according to Reuters.

See also: Warren Buffett-Backed Chinese Automaker's H1 Profit More Than Triples Despite Inflation Pressures

BYD completely transitioned to new energy vehicles — an umbrella term used in China to refer to plug-in hybrids as well as BEVs, earlier this year.

The company continued to deliver even amid the peak of the COVID-19 resurgence in China in April when the rest of its peers reported sales declines. The company also has a thriving EV battery manufacturing business.

Price Action: BYD’s stock came under pressure recently, when Buffett trimmed his stake in the company.