Chinese EV maker BYD Co Ltd BYDDY BYDDF on Friday reported a 31% year-over-year jump in sales volume for the month of November.
What Happened: BYD sold a total of 301,903 new energy vehicles last month, including 30,629 units overseas, as compared to the 230,427 vehicles delivered in November 2022.
However, as compared to October, the growth in sales was merely flat at about 0.02%. These new energy vehicles include both passenger and commercial vehicles which are either fully electric or hybrid.
In battery electric vehicles segment, the company sold 170,150 units, nearly 49% higher than last year.
BYD's rapid growth has brought it neck-and-neck with U.S. based EV giant Tesla Inc TSLA in terms of all-battery electric vehicles. In Q3, BYD shipped approximately 432,000 BEVs, just shy of Tesla’s 435,000 units.
The Shenzhen-based company backed by Warren Buffett‘s Berkshire Hathaway announced that it stopped production of oil-fueled vehicles in April last year. Since then, it has only been making new energy vehicles. The company produced 316,510 vehicles last month, marking a 37.5% jump.
Why It Matters: In late November, BYD announced that its 6 millionth new energy vehicle has rolled off the production line- a BAO 5 SUV.
BYD made the announcement merely three months after it announced that its NEV production has touched 5 million and a year after it announced the rollout of its 3 millionth NEV.
Interestingly, BYD took 13 years to build the first one million new energy vehicles.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
