What's Going On With BYD Shares Tuesday?

BYD Company BYDDY shares are on watch Tuesday afternoon after the company reportedly saw a 21% increase in Q2 EV sales.

What To Know: The company reportedly sold 426,039 EVs from April to June, narrowing the gap with Tesla, Inc. TSLAHTTPSTSLA, which is estimated to have delivered only 12,000 more units in the same period, according to Reuters.

The company recently launched five new electric models in Tunisia and entered a strategic partnership with French car-leasing firm Ayvens SA to expand its footprint in Europe. This partnership aims to distribute BYD’s electric vehicles in France, the Netherlands, Belgium and Luxembourg.

What Else: Tesla, on the other hand, is anticipated to report a 6% decline in Q2 deliveries, marking its first consecutive quarterly drop. This decline may also be attributed to the production cuts of the Model Y at its Shanghai plant.

BYDDY Price Action: BYD shares were up by 1.12% at $58.80 according to Benzinga Pro.