Buffett owns more of Chinese electric car maker BYD than General Motors

Chinese battery and electric car 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 models 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 models final month. Both companies still beat analysts’ expectations with these figures.

In the brand new vitality car class, which incorporates hybrid in addition to pure-electric cars, BYD bought more than 23,000 models in March — that brings the overall within the first quarter to 53,380 cars.

BYD additionally bought practically as many oil-fueled automobiles within the first quarter, at 49,394 models.

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

New motorcar registrations within the first quarter of this 12 months climbed to a document excessive of 9.66 million, China’s Ministry of Public Security stated Tuesday. New vitality automobiles accounted for 466,000, or simply over 6% of newly registered cars, the information confirmed.

The proportion of recent vitality cars nationwide which are pure electric was 81.5% within the first quarter, about the identical because the ratio in 2020, in keeping with 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 stated final week it delivered 184,800 cars worldwide within the first 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 models at its manufacturing facility in Shanghai, according to an investor presentation in late January.

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