Chinese new energy vehicle maker BYD Co BYDDY said on Thursday that sales of its battery-powered vehicle more than doubled in May despite nearly a two-month COVID-19 lockdown in Shanghai which disrupted supply chains and hit production for many of its rivals.
What Happened: Shenzhen-based BYD said it sold 53,349 battery-powered vehicles in May, a jump of 185% year-on-year but a decline of 7% over April.
Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett-backed BYD’s battery-powered vehicle sales for the first five months of the year more than tripled to 253,975 units.
BYD’s overall new energy vehicle sales jumped rose threefold to 114,943 vehicles in May, or up 250%.
In the plug-in hybrid category, sales in May were higher than the battery-powered electric vehicles at 60,834 units, a jump of 369% year-on-year and a rise of 23.3% over April.
New energy vehicles, which include EVs and plug-in hybrids, now account for most of BYD's sales in China after it stopped producing internal combustion engine vehicles in April.
Fared Better Than Local Rivals: BYD’s sales came ahead of Chinese rivals who are gradually recovering from the extensive local lockdowns.
Shanghai-headquartered Nio Inc NIO reported deliveries of 7,024 vehicles in May. Rival Xpeng Inc XPEV and Li Auto Inc LI sold 10,125 and 11,496 electric vehicles in May.
Tesla Inc TSLA, which has a key factory in Shanghai, is yet to report monthly numbers.
Price Action: BYDDY shares closed 4.6% higher at $74.6 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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