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
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