Sunday, May 28, 2023
Bringing the Latest in News Straight to Your Screen

EV Sales At Warren Buffett-Backed BYD Quadrupled In August From Year Earlier

By News Creatives Authors , in Billionaires , at September 5, 2021

Sales of new energy vehicles at BYD, the China 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 underscore brisk electric vehicle demand in the world’s largest auto market.

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

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

BYD’s business is more diversified than its rivals – it also makes handset components and photovoltaics. Among its customers are 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 worth $21 billion on the Forbes Real-Time Billionaires List today.

See related posts: 

Meet the Warren Buffett-Backed Billionaire Driving China EV Maker BYD Ahead Of Flashier Rivals

Automobility’s Bill Russo Talks About China, EVs, Tesla, BYD And What Multinationals Don’t Get



Leave a Reply

Your email address will not be published. Required fields are marked *