Chinese electric vehicle (EV) manufacturer, BYD Co Ltd, on Thursday reported a 33.1% year-over-year surge in sales volume for the first month of 2024.
January Sales Report: BYD sold a total of 201,493 new energy vehicles last month, including 36,174 units overseas, marking a significant increase from the 151,341 vehicles delivered in January the previous year.
These new energy vehicles encompass both passenger and commercial vehicles, comprising full electric or hybrid models. Notably, the Shenzhen-based venture, supported by Warren Buffett’s Berkshire Hathaway, announced the cessation of oil-fueled vehicle production in April 2022, subsequently shifting its focus to new energy vehicle manufacturing.
In the battery electric vehicle (BEV) segment, the company sold 105,304 units, presenting an almost 48% upsurge from the previous year. However, this reflects a decline of approximately 45% from December 2023, when the company sold 190,754 BEVs.
Significance of Growth: BYD’s sales expansion in January continues the firm’s impressive growth trajectory over the past year. In the fourth quarter of 2023, BYD eclipsed Tesla as the foremost BEV seller, achieving sales of 526,000 units compared to Tesla’s 485,000 vehicles in the quarter.
Earlier this week, the company projected a net profit increase of at least 74.5% for the financial year 2023 compared to the previous year, attributing this uptick to heightened sales. It now anticipates a net profit of between 29,000 million yuan ($4,086.8 million) and 31,000 million yuan ($4,368.7 million) for 2023.
Berkshire Hathaway’s investment journey with BYD dates back to 2008, when it injected approximately $230 million in the company, acquiring 225 million shares and a 20.49% stake in Class H shares. Subsequently, it has gradually reduced its stake and currently holds approximately 87.6 million BYD H Shares, representing a 7.98% stake in the company.
