Chinese EV maker BYD Co Ltd (OTC:BYDDY) (OTC:BYDDF) on Thursday reported a 33.1% year-over-year jump in sales volume for the first month of 2024.
What Happened: BYD sold a total of 201,493 new energy vehicles last month, including 36,174 units overseas, as compared to the 151,341 vehicles it delivered in January last year.
These new energy vehicles include both passenger and commercial vehicles which are either fully electric or hybrid. The Shenzhen-based company backed by Warren Buffett‘s Berkshire Hathaway announced that it stopped production of oil-fueled vehicles in April 2022. Since then, it has only been making new energy vehicles.
In the battery electric vehicles (BEV) segment, the company sold 105,304 units, nearly 48% higher year-on-year, but down about 45% from December when the company sold 190,754 BEVs.
Why It Matters: BYD’s January month sales growth is in line with the company’s growth over the last year.
In the fourth quarter of 2023, BYD took over Tesla as the biggest battery electric vehicle (BEV) seller with 526,000 units sold. Tesla sold only about 485,000 vehicles in the quarter.
Earlier this week, the company said that it expects net profit attributable to shareholders for the financial year 2023 to be at least 74.5% higher as compared to the year before owing to increased sales. It now expects a net profit attributable of between 29,000 million yuan ($4,086.8 million) and 31,000 million yuan ($4,368.7 million) for 2023.
In 2008, Berkshire invested around $230 million in BYD, obtaining 225 million shares and a 20.49% stake in Class H shares. Over time, it has reduced its stake and now holds approximately 87.6 million BYD H Shares, equivalent to a 7.98% stake.
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