China boasts the world's largest auto market
... [+]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 saidon 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.
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