BYD Co Ltd’s (OTC: BYDDF) all-electric car sales more than doubled in June, with the business selling more than twice as many as its US-listed competitor Nio Inc. (NYSE: NIO).
What happened was this: Berkshire Hathaway Inc (NYSE: BRK-A) is a company that owns Berkshire Hathaway (NYSE: BRK-B) BYD, which is funded by Warren Buffett, sold 20,016 battery-powered electric vehicles in June, a 102 percent increase year over year.
In comparison, Nio, based in Shanghai, delivered 8,083 vehicles in June, an increase of approximately 116 percent over the same month last year, and a dramatic rebound from last month, when sales were hampered by unpredictable chip supplies.
BYD’s battery-powered electric car sales increased by 102 percent year over year in the first half of 2021, to 93,440 vehicles.
In the first half of this year, Nio supplied 41,956 automobiles.
Also see: In June, Nio sets a new monthly delivery record. High demand overshadows a chip shortage, resulting in a 116 percent increase.
In June, BYD sold 41,366 vehicles in the New Energy Vehicle (NEV) category, which includes hybrids, representing an almost 192 percent increase year over year.
Apart from battery electric vehicles, China uses the term NEV to refer to plug-in electric vehicles that are eligible for government subsidies, which includes plug-in hybrid electric vehicles and fuel cell electric vehicles (BEVs). Cars, buses, lorries, and two-wheelers are all possibilities.
Cars, buses, and trucks make up BYD’s NEV portfolio. The automaker’s battery-powered electric vehicle sales are the best metric for comparing like-for-like with Chinese competitors and Tesla Inc. (NASDAQ: TSLA).
Intriguingly, BYD’s oil-guzzling sales dropped 50.7 percent to 9,649 vehicles in June, with oil-fueled SUV sales more than half to 6,930 vehicles.
Also see: Buffett-Backed BYD claims that its electric vehicle sales will surpass Tesla’s. China’s June Statistics — Why is that not a fair comparison?
Why Does It Matter? After many months, the combined delivery figures of three of China’s most popular EV-centric startups— Nio, Li Auto Inc (NASDAQ: LI), and XPeng Inc (NASDAQ: XPEV)— surpassed BYD’s solo sales.
In June, Li Auto delivered 7,713 vehicles, while Xpeng delivered 6,565 vehicles.
It’s worth mentioning that sales to dealers may not represent actual customer deliveries for any one automaker.
Price Changes: On Tuesday, BYD’s OTC shares fell 2.98 percent to $56.99. Nio’s stock fell 0.98 percent to $50.40, Li Auto’s stock fell 5.82 percent to $32.67, while Xpeng’s stock rose 0.18 percent to $43.74.
For the most up-to-date information on electric vehicles, go to Benzinga’s EV Hub.
(C) 2021 Benzinga.com/BYD/BYD/BYD/BYD/BYD/BYD/BYD/BYD/BYD/BYD Benzinga does not offer financial advice. All intellectual property rights are reserved./n
