Warren Buffett-backed BYD outperforms rivals in China’s electric car industry

Warren Buffet BYD
Warren Buffet BYD

BYD Company Limited (OTCMKTS: BYDDF), the Chinese manufacturer backed by Warren Buffett, disclosed that it is outperforming its competitors in the luxury electric car industry in China.

In a recent announcement, BYD said it sold 130,970 units of battery-powered electric vehicles in 2020, down by 11% from its total sales of 147,185 units in 2019.

Its overall sales including new energy vehicles, passenger vehicles, plug-in hybrid vehicles, commercial vehicles (bus, others), and oil-fueled vehicles (sedan, SUV, and MPV) declined 7.6% to 426,972 units last year from 461,399 units in 2019.

However, BYD saw an improvement in sales of its battery-powered electric vehicles (19,482 units) and plug-in hybrid electric vehicles (8,112 units) in December. Its combined sales were $27, 594 units, a 150% year-to-year growth.

Furthermore, the Buffett-backed Chinese company owes its success to its  flagship “Han” luxury electric sedan. Since its launching in July, BYD sold more than 10,000 Han units in November, according to CNBC based on the company’s investor call transcript obtained through the Wind Information database.

BYD’s Han luxury electric sedan’s sales performance

BYD disclosed in September that it delivered 4,000 units of its luxury electric sedan  and 40,000 in sales were made at that time in China.