As competition amongst electric vehicle (EV) companies continues to increase in the world’s largest auto market, Warren Buffett-backed BYD is seeing its sales grow.
BYD sales tripled year over year in China in October, alongside the likes of Xpeng Motors which also saw its October sales triple year over year, according to Investors.
Li Auto also doubled its October sales year over year, while NIO shifted production lines and saw its sales drop.
NIO Surpasses BYD as Most Valuable Car Brand in China, Says Hurun Report https://t.co/JzGp1WcEzz
— TeslaNorth.com (@RealTeslaNorth) October 26, 2021
While BYD’s October sales grew 212 percent year over year to 81,040 total sales, Xpeng Motors sold 10,138 units, some in Norway for the first time, marking a 233 percent increase year over year.
NIO saw a 27.5 percent drop in year-over-year October sales, with just 3,667 units delivered, way down from the company’s 10,628 total units delivered in September.
Tesla’s October sales in China have not yet been released, and will likely be shared with the public by next week. The ongoing semiconductor chip shortage continues to rage on, though Tesla has managed to continue to grow through the shortage – unlike some other companies.
Earlier this week, BYD offered up 50 million shares, standing to gain $1.77 billion USD (HK$13.8 billion) upon the deal’s close.
Last month, reports also showed that Tesla was nearing completion of a lithium iron phosphate (LFP) battery deal with BYD.
