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Chinese automaker Great Wall Motor Co Ltd (OTCPK: GWLLF) sold 23,755 new energy vehicles last month, an increase of 104.1% from a year ago.
What Happened: Great Wall Motor’s May sales numbers also mark a 58.8% increase from the 14,863 vehicles sold in April.
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However, these numbers are lower than Chinese EV startup Li Auto Inc (NASDAQ:LI) which witnessed a remarkable surge in delivery numbers, reporting a year-on-year increase of 146% to 28,277 vehicles last month.
Great Wall Motors sold 101,020 vehicles in total in May- also including fuel-powered vehicles. This is a 26.18% increase from May 2022 and an 8.5% increase from the 93,107 units reported in April.
Meanwhile, Warren Buffett-backed Chinese auto giant BYD Co Ltd (OTCPK: BYDDY) (OTCPK: BYDDF) sold 240,220 NEVs last month, up 109% year-year year and 14.2% from April. BYD Co, however, manufactures only new energy vehicles.
Why It Matters: Great Wall Motor is one of the few Chinese EV makers named by Ford Motor Co (NYSE:F) CEO Jim Farley as competition. Speaking at the Morgan Stanley Sustainable Finance Summit in late May, Farley said, “We see the Chinese as the main competitor, not GM or Toyota. The Chinese are going to be the powerhouse, I think." Other EV makers named by the CEO include BYD Co, Geely, Changan and SAIC.
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Read More: Morgan Stanley Analyst Warns If Tesla ‘Doesn’t Drive Lower’ On Prices, The Chinese Will
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.