Warren Buffett-Backed Tesla China Rival Braves COVID-19 Woes To Double Production, Sales In October

Zinger Key Points
  • BYD has emerged as an all-weather company, performing well even mid trying conditions.
  • A recent price cut by Tesla in China and COVID-19 restrictions had cast a cloud on the domestic EV industry.
Warren Buffett-Backed Tesla China Rival Braves COVID-19 Woes To Double Production, Sales In October

Warren Buffett-backed electric vehicle maker BYD Company Limited BYDDF BYDDY reported Thursday strong production and deliveries for October, outperforming Chinese peers.

What Happened: BYD’s October sales of battery EVs came in at 103,157 units, up about 150% year-over-year and 8.65% higher than in September. The company’s new-energy passenger vehicles sales, including both BEVs and plug-in hybrids, totaled 217,518. This marked a 172% year-over-year jump and an 8.2% sequential increase.

BEV production also ramped up from 41,739 units in October 2021 to 104,894 vehicles in October 2022, and plug-in hybrid vehicle production rose from 38,799 units to 114,915 units.

BYD said NEV sales abroad reached 9,529 units in October,

Giving an update on its EV battery business, the company said its installed capacity NEV power battery and energy storage stood at 10.188 GWh, with the cumulative installed capacity for the year at 67,681 GWh.

See also: Warren Buffett-Backed BYD Makes EV Battery Manufacturing An All-Chinese Affair At The Top As It Leaps Past LG Energy

Why It’s Important: BYD’s domestic rivals Nio, Inc. NIO, XPeng, Inc. XPEV and Li Auto, Inc. LI reported earlier this week month-over-month declines in October deliveries.

Their sales declined 7.53%, 39.76% and 12.83%, respectively, from the previous month.

On a year-over-year basis, Nio and Li Auto grew their October sales by 174.3% and 31.4%, respectively, from a year ago, while XPeng reported a roughly 50% drop.

Tesla, Inc. TSLA recently cut its China vehicle prices, with reports speculating that the move may have to do with slowing demand.

BYD has reported strong production volume even amid the COVID-19 restrictions in China.

The company shares trading over the counter in the U.S. gained about 2.5% in Wednesday’s session, according to Benzinga Pro data.

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