BYD’s sales of new electric vehicles nearly tripled in June, compared to the same period last year. News highlighting the increasing demand for electric vehicles in China. China is the largest auto market and No. 2 economy.
BYD, Shenzhen’s largest electric vehicle manufacturer, reported today that it sold 41 366 new vehicles last month, up from 14,165 a year ago. The company sold 154,579 new electric cars in the first six months of the year, increasing 154% over the same period last year.
Local newcomers like NIO and XPeng are challenging China’s pioneer in electric vehicles. NIO reported earlier this month that June delivery increased by more than 1,000 vehicles compared to a year ago. XPeng’s shares trade in U.S. dollars. Today, XPeng set a price at HK$165 for a secondary Hong Kong listing to bring in $1.8 billion.
BYD has more business diversification than other rivals, including handset components, photovoltaics, and rechargeable batteries. Warren Buffett’s Berkshire Hathaway is a shareholder. Customers include Apple, Xiaomi, Huawei, and Dell. Its Hong Kong-trade shares closed yesterday at HK$232.20.