Info-Tech

Warren Buffet-backed automaker sold more electric cars than Nio and Xpeng

Beijing- In March, Chinese automaker BYD has sold more than twice battery–powered electric cars than a start-up Nio.

Moreover, BYD which is backed by the U.S. billionaire Warren Buffett has disclosed on Tuesday that the sale of battery-powered passenger cars has now totaled 16,301 units in the last month.

In March more than double Nio’s deliveries which are around 7,257 cars. However, the rival start-up Xpeng has now delivered that even fewer vehicles around 5,102 units last month. Further, the companies still beat analyst’s expectations with those figures.

Well, the new energy vehicle category involves hybrid as well as pure-electric cars. BYD has sold more than 23,000 units in the month of March which brings the total in the first quarter of the 53,380 cars.

However, the BYD has sold nearly many oil-fueled vehicles in the first quarter that is 49,394 units. The sales of electric cars come as China’s auto market recovered from the coronavirus pandemic. Thus, this will hit the country the hardest in the first quarter of 2020.

In the first quarter of this year, new motor vehicle registration has reached the highest record of 9.66 million as per the information from China’s Ministry of Public Security on Tuesday. The data depicts, the new energy vehicles have accounted for 466,000 or more than 6% of the newly registered cars.

Notably, the percentage of new energy cars nationwide which are pure electric was 81.5% in the first quarter like the same as the ratio in 2020.

When you consider the global market you will find China’s electric automaker to close the large gap. Well-known electric car market leader Tesla, in the last week, mentioned that it delivered around 184,800 cars worldwide in the first quarter. Further, the U.S. electric car maker didn’t break out the figures for China, the company has now released: “We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity.”

In January, Elon Musk’s car company started delivering the China-made Model Y. It is the third best-selling new energy vehicle in China in February, as per the China Passenger Car Association.

In late January, as per the investor presentation, Tesla has now installed an annual production capacity for 200,000 Model Y units in its factory in Shanghai.

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