Chinese automaker BYD Company Limited BYDDF reported strong sales of new energy vehicles – a term used in China to denote both battery electric vehicles (BEVs) and plug-in hybrids – for March. The company also managed to increase production month-over-month despite the supply constraints and the renewed outbreak of COVID in China.
In a key strategic decision, the company said it is completely doing away with the manufacture and sales of oil-fueled vehicles.
What Happened: BYD sold 53,664 BEVs in March, up about 230% from a year earlier, the Warren Buffett-backed automaker said in a filing with the Hong Kong stock exchange. Compared to February, sales were up about 24%.
Among BYD's Chinese peers, XPeng, Inc. XPEV sold 15,414 EVs in March, up 202% year-over-year and 148% higher than in the previous month. Premium EV manufacturer, Nio, Inc.'s NIO March deliveries climbed 37.6% year-over-year and 63% month-over-month to 9,985 vehicles. Li Auto, Inc. LI said its March deliveries climbed 125% year-over-year and 31% month-over-month to 11,034 units.
To put things in perspective, the combined March tally of Nio, XPeng and Li Auto was at 36,433 units, which was far less than what BYD delivered during the month.
Including plug-in hybrid vehicles, BYD's total EV sales came in at 104,338 units in March, compared to 23,386 units in the year-ago period and 87,473 units in the previous month.
BYD, which sells EVs mostly in China and some European countries, said it delivered 143,233 vehicles in the March quarter. This compares to the 310,048 cars EV pioneer Tesla, Inc. TSLA, which has a wider geographic presence, sold for the quarter.
BYD said it produced 54,684 BEVs and 51,434 plug-in hybrid vehicles in March. This was higher than February's numbers of 43,809 units and 44,517, respectively.
Related Link: Warren Buffett-Backed BYD Says New Han EV Variants Receive Over 12,000 Preorders Within Hours Of Launch
BYD Stops ICE Vehicle Production: BYD also disclosed in the filing that it is stopping the production of oil-fueled vehicles, beginning in March. This is in line with the company's strategic vision of "building low-carbon and environment-friendly new energy vehicles and creating a sustainable green future with technology," it added.
BYD said it would continue to produce and supply components for oil-fueled vehicles, in order to continuously provide comprehensive services and after-sale guarantees to the existing customers of oil-fueled vehicles.
Photo: Courtesy of en.byd.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
