The Shenzhen-based, Chinese automaker BYD Co’s BYDDF all-electric vehicle sales rose nearly three-folds in September, more than those of homegrown rivals Nio Inc NIO and Xpeng Inc XPEV.
What Happened: BYD, which is backed by Warren Buffett-led Berkshire Hathaway Inc BRK-A BRK-B, sold 36,306 battery-powered electric vehicles in September, a jump of 197.3% year-over-year. On a sequential basis, the growth was 19.5%.
BYD, which is one of the biggest electric vehicle makers in China, has sold 185,124 battery-powered electric vehicles so far this year, a jump of 136.3% on a year-on-year basis.
BYD’s overall new energy vehicles sales jumped more than three-fold to 71,099 units in September from a year ago.
Nio delivered 10,628 vehicles globally in September, a jump of 125.7% year-over-year. Xpeng delivered 10,412 vehicles in the month, a jump of 199% year-over-year. Similar numbers for Tesla Inc TSLA, which come from third-party data aggregators, aren't yet known.
The NEV category in China comprises plug-in electric vehicles that are eligible for public subsidies and includes plug-in hybrid electric vehicles and fuel cell electric vehicles besides the battery electric vehicles (BEVs). BYD’s NEV portfolio consists of cars, buses, and trucks.
The automaker’s battery-powered electric vehicles compete with those of homegrown Chinese electric vehicle rivals such as Nio, Li Auto Inc LI, and Xpeng Inc and the global market leader Tesla.
BYD's gas-powered vehicle sales fell 59.6% to 9,015 vehicles in September. The decline was led by a sharp drop in SUVs where sales fell 55.5% to 6,634 vehicles.
Why It Matters: BYD’s jump in sales comes at a time when the industry is braving semiconductor shortages.
Both Nio and Li Auto had in September cut delivery forecasts due to the volatile chip supplies. Li Auto on Friday said its September sales moderated with the prior month due to the prolonged chip supply shortage.
BYD, which reports sales volume unlike key homegrown rivals that report delivery numbers, had in August said profitability is affected to some extent by factors including rising prices of raw materials.
Price Action: BYD’s OTC shares closed 0.95% lower at $61.77 a share on Friday.
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Photo: Courtesy of BYD
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