Warren Buffett-Backed EV Maker Ranked Amongst Top 3 Automakers in China Beating Tesla, Nio, Xpeng

Warren Buffett's Berkshire Hathaway (NYSE: BRK-B) -backed Chinese EV maker BYD Co, Ltd's BYDDY sales more than doubled in May, making it one of the top three automakers in China, CNBC reports.

BYD dominated new energy vehicles, including hybrid and battery-powered cars, and ranked among the top three brands in the largest automobile market by passenger car sales.

BYD accounted for two of China's top three bestselling new energy models in May. BYD's feat remained unattainable by Tesla, Inc TSLANIO Inc NIO, and XPeng Inc XPEV.

BYD sold 113,768 new energy passenger cars in May despite Covid lockdowns hitting supply chains and Chinese consumer sentiment. FAW-Volkswagen led with 150,009 vehicles sold.

BYD's sales grew by 159.5% year-on-year, while FAW-Volkswagen's fell 10.6% Y/Y. Geely Automobile Holdings Ltd GELYY was the third-largest by passenger car sales, at 73,315, down 14.5% Y/Y.

BYD is also a battery maker on the verge of becoming a significant EV brand in China, with some of its models competing with Tesla in popularity.

China's passenger car sales dived 11.8% Y/Y in May, while new energy vehicle sales climbed 91.2% Y/Y. Within new energy vehicles, BYD topped, followed by General Motors Company GM joint venture with Wuling Motors and state-owned SAIC Motor. 

Tesla China ranked third. FAW-Volkswagen topped for the first five months of the year, followed by BYD and then Changan Automobile.

Photo via Wikimedia Commons

Posted In: NewsTechMedia