Warren Buffett-backed automaker sells more electric cars in March than Nio and Xpeng delivered

Chinese battery and electric automobile maker BYD reveals off a mannequin of its Han EV sequence on the 2020 Beijing auto present.

Evelyn Cheng | CNBC

BEIJING — Chinese automaker BYD bought more than twice as many battery-powered electric cars as start-up Nio delivered in March.

BYD, which is backed by U.S. billionaire Warren Buffett, disclosed Tuesday that gross sales of its battery-powered passenger cars totaled 16,301 items final month.

That’s more than double Nio’s deliveries in March of seven,257 cars. Rival start-up Xpeng delivered even fewer automobiles, at 5,102 items final month. Both companies still beat analysts’ expectations with these figures.

In the brand new power automobile class, which incorporates hybrid in addition to pure-electric cars, BYD bought more than 23,000 items in March — that brings the whole in the primary quarter to 53,380 cars.

BYD additionally bought almost as many oil-fueled automobiles in the primary quarter, at 49,394 items.

The gross sales of electric cars come as China’s auto market recovers from the coronavirus pandemic, which hit the nation the toughest in the primary quarter of 2020.

New motorcar registrations in the primary quarter of this 12 months climbed to a report excessive of 9.66 million, China’s Ministry of Public Security mentioned Tuesday. New power automobiles accounted for 466,000, or simply over 6% of newly registered cars, the information confirmed.

The proportion of latest power cars nationwide which might be pure electric was 81.5% in the primary quarter, about the identical because the ratio in 2020, based on public safety knowledge.

When it involves the worldwide market, China’s electric automakers still have a large gap to close.

Electric automobile market chief Tesla mentioned final week it delivered 184,800 cars worldwide in the primary quarter. While the U.S. electric automobile maker didn’t escape figures for China, the corporate famous in a launch: “We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity.”

Elon Musk‘s automobile firm started deliveries of a China-made Model Y in January. The car was the third best-selling new energy vehicle in China in February, according to the China Passenger Car Association.

Tesla has put in annual manufacturing capability for 200,000 Model Y items at its manufacturing unit in Shanghai, according to an investor presentation in late January.

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