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BYD is one of China’s leading electric vehicle players.
(Qilai Shen / Bloomberg)
Chinese car manufacturer
WORLD
Last month saw an impressive jump in electric vehicle revenue, with sales of electric cars and commercial vehicles more than quadrupling in August of the previous year.
BYD shares rose more than 9% in Shenzhen trading on Monday, while the company’s Hong Kong-listed shares rose about 8%. Shares in Hong Kong have risen more than 22% so far this year.
The group, with the support of Warren Buffett
Berkshire Hathaway,
recorded sales of 61,409 new energy vehicles (NEVs) in August, compared to 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-powered electric passenger vehicles and plug-in electric hybrids, as well as commercial electric vehicles, including trucks, buses, and forklifts.
The company also manufactures vehicles that run on internal combustion engines, although they now account for only 10% of its reported sales, down from 58% a year ago.
Also read: NIO shares eliminate weak August deliveries. However, the shortage of chips is not over.
Growth in August was led by plug-in electric hybrid vehicles, with 30,126 hybrids sold last month, an increase of 556% over sales in the same period last year. BYD sold 30,832 cars with electric or fully electric batteries in August, up from 9,414 a year ago.
China is the largest electric vehicle market in the world and BYD is a major player and a major player
Tesla
key rivals. Its August sales figures follow last week’s delivery figures for a number of smaller but monitored Chinese electric vehicle companies, including
Nio,
XPeng,
i
Read Auto.
In the United States, Tesla is the largest electric vehicle manufacturer.