Warren Buffett-backed Chinese EV giant BYD Co Ltd. BYDDF BYDDY announced an 86% surge in its new energy vehicle deliveries for August, reported Barron’s on Saturday. This includes plug-in hybrid and battery-electric vehicles, totaling 24,644 units.
What Happened: Battery-electric vehicle (BEV) sales hit 155,967 units in August, up 88% year over year and an 11% increase from July. This impressive growth indicates a strong demand for Chinese EVs, benefiting all EV makers.
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According to Citi analyst Jeff Chung, Chinese BEV sales have soared about 25% YoY. BYD’s BEV sales have surged around 88% year to date compared to the same period in 2022.
Why It Matters: However, Elon Musk‘s Tesla Inc. TSLA, which solely manufactures BEVs, has expanded its Chinese sales by nearly 60% YoY, selling about 325,000 units through July. While BYD is growing faster, Tesla continues to outpace the rest of the market in China.
BYD shares nudged up 0.4% in overseas trading, and U.S.-listed American depositary receipts (ADRs) saw a 2.5% rise. On the other hand, Tesla’s stock fell about 2% in early trading Friday.
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