Chinese automaker BYD Co Ltd’s (OTC:BYDDF) all-electric vehicle sales more than doubled in Q1 and it sold nearly twice as many overall electric vehicles as its close rival Nio Ltd (NYSE:NIO) from January to March.
What Happened: BYD, which is backed by Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett, sold 38,599 battery-powered electric vehicles in the first quarter, a 113% jump year-on-year, compared with Nio’s delivery of 20,060 electric vehicles.
BYD’s March electric vehicle sales were up 56% to 16,301 units, the company revealed in a filing on Tuesday. On a monthly basis, too, the company scored more than Nio’s delivery of 7,257 vehicles.
In the new energy vehicle category, which includes hybrid as well as pure-electric cars, BYD sold 54,751 vehicles during the quarter, a jump of nearly 147%.
The BYD sales also came ahead of other Chinese rivals Li Auto (NASDAQ:LI) and XPeng Inc (NYSE:XPEV).
Li reported deliveries of 12,579 for the first quarter, a climb of 334.4% from last year. Xpeng said its first-quarter deliveries totaled 13,340, which represented 487% year-over-year growth.
See Also: What's Happening With Li Auto Stock?
Tesla Inc (NASDAQ:TSLA) said last week it delivered 184,800 vehicles in the first quarter, with 99% of these being Model 3/Y vehicles. This represented a 2.3% quarterly increase and a 109% year-over-year jump.
Chinese electric vehicle players have been ramping up production to meet growing demand amidst rising competition. The robust delivery numbers come even as automakers globally face a semiconductor chip shortage and China observed the Lunar New Year festival in the quarter.
Price Action: Shares of BYD closed 0.22% lower at $23.10 on Tuesday. Those of Nio closed 1.76% higher at $40, Li Auto closed 2.37% higher at $25.53 and Xpeng closed 2.78% higher at $37.01.
See also: How to Buy Nio Stock
Photo Courtesy: BYD
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