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BYD is a major Chinese player in electric vehicles.
(Qilai Shen / Bloomberg)
Chinese car manufacturer
WORLD
reported an impressive increase in revenue from electric vehicles last month, with sales of passenger cars and electric utility vehicles more than quadrupling in August from the previous year.
BYD stock rose more than 9% in trading in Shenzhen on Monday, while the company’s Hong Kong-listed shares jumped nearly 8%. Hong Kong stocks have climbed more than 22% so far this year.
The group, supported by Warren Buffett
Berkshire Hathaway,
reported sales of 61,409 new energy vehicles (NEVs) in August, up from 15,283 in the same month in 2020, an increase of 302%.
NEVs are a Chinese category of clean energy vehicles eligible for subsidies. For BYD, NEVs include battery-electric and plug-in hybrid passenger vehicles, as well as commercial electric vehicles, including trucks, buses and forklifts.
The company also manufactures vehicles powered by internal combustion engines, although they now account for just 10% of its reported sales, up from 58% a year ago.
Read also : NIO Stock eliminates low August deliveries. The chip shortage is not over, however.
Growth in August was led by plug-in hybrid electric vehicles, with 30,126 hybrids sold last month, a 556% increase over sales for the same period a year earlier. BYD sold 30,832 battery-electric or fully-electric cars in August, up from 9,414 a year ago.
China is the world’s largest market for electric vehicles, and BYD is a major player and one of the
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its main rivals. Its August sales figures follow last week’s delivery figures from a series of smaller but closely watched Chinese electric vehicle companies, including
Nio,
XPeng,
and
Li Auto.
In the United States, Tesla is the largest manufacturer of electric vehicles.
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