BYD sold approximately 61,409 new energy vehicles during the month of August, which represents a fourfold growth over the quantity sold by the company a year ago due to the continued growth in demand for electric vehicles in the largest car market in the world, noting that those numbers are evenly split between sales of battery-powered vehicles and those called “rechargeable hybrid vehicles”.
Its sales also exceeded the levels of July when it sold 50492 vehicles, which was reflected in the rise of BYD stock by 5.5% in the morning trading in Hong Kong.
BYD, backed by Warren Buffett’s Berkshire Hathaway, is one of China’s largest electric car makers, but some startups such as Nio, Li Auto and Xpeng have tried to compete, BYD, backed by Warren Buffett’s Berkshire Hathaway, is one of China’s largest electric car makers, but some startups such as Nio, Li Auto and Xpeng have tried to rival it. However, these companies are still weaker and smaller than BYD in the market today, and all shipments of their cars during August do not exceed 10,000 cars.
Note that BYD figures focus on sales volumes, while Nio, Li Auto and Xpeng publish shipment numbers, so the comparison is not “like for like” but refers to the size of the companies mentioned.
The auto industry around the world is grappling with two basic problems, the first is the continuing epidemic of the Covid-19 virus, and the second is the severe shortage of semiconductors that enter the auto industry, but despite these disruptions affecting the industry, the demand for electric vehicles continues to rise in China with support government to advance this sector.
It is expected that China’s sales will reach nearly 1.7 million new energy vehicles during the first eight months of this year, recording a strong growth from the number of cars sold during the same period last year, which amounted to only 600,000 cars.