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Home / Business / Warren Buffett-backed BYD (BYD) and Nio Xpeng sell more electric cars in March

Warren Buffett-backed BYD (BYD) and Nio Xpeng sell more electric cars in March



Chinese battery and electric car manufacturer BYD showed off a model of its Han EV series at the 2020 Beijing Auto Show.

Evelyn Zheng | CNBC

BEIJING-The number of battery-powered electric vehicles sold by the Chinese automaker BYD is twice the number delivered by the start-up company NIO in March.

BYD, backed by American billionaire Warren Buffett, disclosed on Tuesday that its battery-powered passenger car sales totaled 1

6,301 units last month.

This is more than double Nio’s 3,257 car deliveries in March. Competitor startup Xpeng delivered fewer vehicles last month, at 5,102. The data of the two companies still exceeded analysts’ expectations.

In the new energy vehicle category, which includes hybrid vehicles and pure electric vehicles, BYD sold more than 23,000 units in March, bringing the total sales in the first quarter to 53,380 units.

BYD also sold almost the same number of fuel vehicles in the first quarter, with sales of 49,394.

The sales of electric vehicles come at a time when the Chinese car market is recovering from the coronavirus pandemic. The epidemic hit China the hardest in the first quarter of 2020.

The Ministry of Public Security of China said on Tuesday that the number of new motor vehicle registrations in the first quarter of this year climbed to a record 9.66 million. Data show that new energy vehicles account for 466,000 vehicles, accounting for more than 6% of newly registered vehicles.

According to public safety data, in the first quarter of this year, the proportion of pure electric vehicles among new energy vehicles nationwide was 81.5%, basically the same as the proportion in 2020.

When it comes to the global market, China’s electric car manufacturers still have a big gap to make up for.

Electric vehicle market leader Tesla said last week that it delivered 184,800 vehicles worldwide in the first quarter. Although the American electric car manufacturer did not release China’s data, the company stated in a press release: “We are encouraged by the strong welcome of the Y-type in China, and it is rapidly developing to full capacity.”

Elon Musk’s car company began delivering the Y-model made in China in January. According to data from the China Passenger Vehicle Association, the car was the third new energy vehicle sold in China in February.

According to investors’ introduction in late January, Tesla has installed an annual production capacity of 200,000 Model Y cars in its Shanghai plant.


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