Chinese electric vehicle maker BYD Company Limited BYDDF BYDDY reported late Wednesday strong deliveries for July despite the engulfing uncertainties.
What Happened: BYD sold 80,991 battery EVs in July, up 224% from a year ago. Month-over-month, deliveries increased about 16.5%.
Including plug-in hybrids, BYD’s July sales more than trebled to 162,214 new-energy vehicles in July.
BYD produced 81,292 battery EVs and 81,750 plug-in hybrids in July, taking the total tally of NEV production to 163,042.
The Shenzhen-based company’s performance in July stands out, given China is just getting back on track following the COVID-19-induced disruptions. Peer Nio, Inc. NIO said earlier this week that production of its ET7 sedan and EC6 SUV was impacted by the shortage of casting parts.
BYD has been nimble with its product launches and international expansion. In July, the company announced its foray into Japan, home to some of the world’s largest automakers. The company also sounded out this week that it will begin deliveries in Germany and Sweden in the fourth quarter.
How BYD Fared Vs. Competition: BYD’s year-over-year EV production volume more than trebled. This was markedly higher than the growth rates of Nio, XPeng, Inc. XPEV and Li Auto, Inc. LI. The latter three companies reported July sales growth of 26.4%, 43%, and 21.3%, respectively.
While BYD reported positive month-over-month sales growth, Nio, XPeng and Li Auto saw sequential sales declines of 22.4%, 24.7% and 19.8%, respectively.
U.S.-listed ADRs of BYD closed Wednesday’s session at $74.32, up 1.17%, according to Benzinga Pro data.
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