Warren Buffett-backed BYD soars past Tesla in China sales as the company bucks wider EV stock sell-off
And in the past year, BYD is down just 19%, compared to declines of about 70% for Tesla and Nio, and a decline of 78% for XPeng.
The strength in BYD shares can partly be attributed to its record vehicle sales in 2022. BYD said it sold nearly 1.9 million vehicles in 2022, outpacing Tesla's 2022 sales figure of about 1.3 million. BYD sells both plug-in hybrid vehicles and fully electric vehicles, typically at a lower price point than Tesla's lowest priced Model 3.
The mass affordability of BYD's electric and hybrid vehicles makes them a popular choice for Chinese consumers. That could be one reason why Teslawith the second cut in less than three months coming this week. Concerns are growing that Tesla may be experiencing a slowdown in demand. What's especially impressive about BYD's performance in recent months is it appears the waves of COVID-19 infections and lockdowns in China did little to hamper the company's electric vehicle production. That's opposed to Tesla, which wasin the process — it still owns 16% of the company, according to regulatory filings.
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