Electric vehicle sales at BYD backed by Warren Buffett quadrupled in August from a year ago


New energy vehicle sales at BYD, the Chinese vehicle and battery maker backed by Warren Buffett’s Berkshire Hathaway, quadrupled in August from a year earlier, the latest in a series of reports that highlight the strong demand for electric vehicles in the world’s largest automotive market.

BYD, headquartered in Shenzhen, sold 61,409 new electric vehicles last month, up from 15,283 a year earlier, the company said in a statement Friday evening. In the first eight months of the year, it sold 266,480 new energy vehicles, an increase of 192.6% over the previous year.

The Chinese electric vehicle industry pioneer faces a global chip shortage and growing competition from local newcomers such as NIO and XPeng as well as Tesla, which has invested in China. Net profit in the first six months of the year at BYD fell 29% to 1.17 billion yuan, or $ 180 million, amid rising materials costs, the company said on last month. Revenue increased 53.6% to 89.1 billion yuan.

BYD’s business is more diverse than that of its competitors – it also manufactures components for handsets and photovoltaics. Its customers include Dell, Apple, Xiaomi and Huawei; its Hong Kong-traded shares have gained 240% in the past year and closed at HK $ 254.40 on Friday.

Wang is now worth $ 21 billion on Forbes’ Real-Time Billionaire List.

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@rflannerychina

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