Warren Buffett-Backed BYD’s NEV Sales Nearly Tripled In June

Sales of new energy vehicles by BYD, one of the world’s largest electric vehicle makers, nearly tripled in June from a year earlier, the latest in a series of reports this month that underscore growing demand for electric vehicles in China, the world’s biggest auto market and No. 2 economy.

Shenzhen-headquartered BYD sold 41,366 new electric vehicles last month, compared with 14,165 a year earlier, the company said in a statement today.  For the first six months of the year, it sold 154,579 new electric vehicles, an increase of 154% from a year earlier.

The Chinese electric vehicle industry pioneer is up against intensifying competition from local newcomers such as NIO and XPeng, as well as Tesla, which has invested in China. NIO said earlier this month June deliveries doubled from a year earlier to more than 8,000 vehicles. XPeng, whose shares trade in the U.S., today a set a price of HK$165 per share for a secondary listing in Hong Kong that will raise $1.8 billion. (See related story here.)

BYD, whose shareholders include Warren Buffett’s Berkshire Hathaway, has a more diversified business than rivals that includes handset components, rechargeable batteries and photovoltaics. Among its customers are Dell, Apple, Xiaomi and Huawei;  its Hong Kong-trade shares have tripled in the past year and closed at HK$232.20 yesterday.

Chairman Wang Chuanfu was worth $20.6 billion on the Forbes Real-Time Billionaires List today.

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@rflannerychina