Chinese EV maker BYD Co Ltd BYDDY BYDDF on Thursday reported a 33.1% year-over-year jump in sales volume for the first month of 2024.
Impressive Sales: BYD delivered a total of 201,493 new energy vehicles last month, including 36,174 units overseas, compared to 151,341 vehicles in January last year.
These new energy vehicles encompass both passenger and commercial vehicles, fully electric or hybrid. The Shenzhen-based company, supported by Warren Buffett’s Berkshire Hathaway, ceased production of oil-fueled vehicles in April 2022, focusing solely on new energy vehicles ever since.
In the battery electric vehicles (BEV) segment, the company sold 105,304 units, nearly 48% higher year-on-year, but down about 45% from December sales.
Significance of Growth: BYD’s January sales growth is consistent with its outstanding performance throughout the previous year.
In the fourth quarter of 2023, BYD surpassed Tesla as the most significant battery electric vehicle (BEV) seller, with 526,000 units sold, surpassing 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 fiscal year 2023, forecasting a net profit between 29,000 million yuan ($4,086.8 million) and 31,000 million yuan ($4,368.7 million) for 2023.
In 2008, Berkshire invested around $230 million in BYD, gaining 225 million shares and a 20.49% stake in Class H shares. Over time, it has reduced its stake and now holds approximately 87.6 million BYD H Shares, equivalent to a 7.98% stake.
