Warren Buffett-Backed EV Maker BYD Touts 172% Spike In Deliveries, Beating Tesla

BYD Company Ltd. (OTC:BYDDF) (OTC:BYDDY) achieved record sales in August, according to data filed with the Hong Kong stock exchange.

The Shenzhen, China-based company sold 82,678 battery electric vehicles (BEV) in August. That's up 172% from a year ago. Sequentially, the increase was a more modest 2%.

BYD’s BEV production climbed 170% year-over-year to 84,573 units in the month.

Along with the 91,299 units of plug-in hybrids the Warren Buffett-backed company sold, its August tally was at 173,997 vehicles. This compares to 174,480 cars produced during the month.

BYD’s performance places it ahead of domestic rivals Nio Inc. (NYSE:NIO), XPeng, Inc. (NYSE:XPEV) and Li Auto Inc. (NASDAQ:LI).

Preliminary data released by the China Passenger Car Association on Thursday showed that EV pioneer Tesla, Inc.’s (NASDAQ:TSLA) China wholesale sales, including domestic sales and export, were at 77,000 in August, according to Reuters.

See also: Warren Buffett-Backed Chinese Automaker's H1 Profit More Than Triples Despite Inflation Pressures

BYD completely transitioned to new energy vehicles — an umbrella term used in China to refer to plug-in hybrids as well as BEVs, earlier this year.

The company continued to deliver even amid the peak of the COVID-19 resurgence in China in April when the rest of its peers reported sales declines. The company also has a thriving EV battery manufacturing business.

Price Action: BYD’s stock came under pressure recently, when Buffett trimmed his stake in the company.