Warren Buffett-Backed BYD More Than Doubles Production, Deliveries In Nov Despite COVID-19 Challenges

Zinger Key Points
  • Warren Buffett-backed BYD has been consistently growing production despite macro and geopolitical challenges.
  • The company has been increasing its focus on international expansion and has a thriving EV battery manufacturing business as well.

Chinese electric vehicle maker BYD Company Limited BYDDY BYDDF reported on Friday a strong increase in deliveries for the month of November despite China reeling under the impact of COVID-19.

What Happened: The Shenzhen-based automaker’s November battery EV deliveries came in at 113,915 units, the company said in a disclosure with the Hong Kong stock exchange. This marked a 147% year-over-year increase and a 10.4% month-over-month gain.

The Warren Buffett-backed EV maker sold 116,027 units of plug-in hybrids, up from 43,984 units in the same period last year. The deliveries of BEVs and plug-ins taken together totaled 229,942, up from 90,121 in November 2021 and 217,518 in the previous month.

See Also: Best Chinese Stocks

BYD produced 229,644 BEVs and plug-ins in November compared to 90,731 in the year-ago period. The numbers assume importance because of the tough COVID-19 situation in China.

The company noted that its overseas sales of new energy vehicles, comprising both BEVs and plug-ins, came in at 12,318 units, up from 9,529 in October.

Why It’s Important: BYD’s domestic peers Nio Inc. NIO, XPeng Inc. XPEV and Li Auto Inc. LI reported their delivery numbers on Thursday.

Nio delivered 14,178 vehicles, representing 30% year-over-year growth and a 41% sequential increase. The company also suggested further acceleration in December.

Li Auto’s November deliveries climbed 11.5% year-over-year and 50% month-over-month to 15,034 units. Both Nio and Li Auto’s November numbers represented a record monthly total.

On the other hand, XPeng’s sales plunged 63% year-over-year, as COVID-19 impacted production and deliveries. On a month-over-month basis, sales, however, were up 14%.

Price Action: The U.S.-listed ADRs of BYD closed Thursday's session down 2.38% at $50, according to Benzinga Pro data.

Read Next: Warren Buffett-Backed BYD Only Chinese EV Maker Well-Positioned To Be A Global Player, Shows Data Point

Posted In: NewsTechChinaCovid-19electric vehiclesEurasiaEVs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!