BYD Co. (HKEX: 01211; OTC: BYDDF) just beat Nio (NYSE: NIO) at its own game by selling more than double the amount of powered electric vehicles for March.
The Chinese automaker, backed by billionaire investor Warren Buffet, said it sold 16,301 passenger battery-powered vehicles last month, according to a report posted by CNBC today. For the entire first quarter, BYD sold 38,599 battery-powered EVs, a 113% year-over-year increase.
Chinese electric vehicle giant Nio on the other hand delivered 7,257 vehicles for March. Other Chinese players XPeng (NYSE: XPEV) and Li Auto, which solely make EVs like Nio, delivered 5,102 and 4,900 cars last month. While they didn’t beat BYD, all three still experienced rapid year-over-year growth for March and the first quarter.
But still, BYD didn’t come close to the sales of Elon Musk’s electric vehicle empire Tesla (Nasdaq: TSLA). The world’s most valuable car company delivered 184,800 for the first three months of the year, which is nearly five times more than BYD’s total.
But today wasn't the best day for stocks in these companies that make EVs. Shares of Tesla, BYD, Nio XPeng, Li Auto dropped 1%, 2%, 6%, 5%, and 10% intraday Wednesday.
Li Auto announced Tuesday after the markets closed that it intends on offering as much as $750 million in convertible senior notes due in 2028.
Many growth stocks, which include EV players, were down today as well.
The China Society of Automotive Engineers expects a solid year of growth for EVs, forecasting sales could hit 1.8 million units for 2021, up 40% year-over-year.