Chinese electric vehicle manufacturer BYD Co Ltd WANT I WILL DO IT on Friday reported a sales volume decline of nearly 37% year-over-year for February 2024.
What happened: BYD sold a total of 122,311 new energy vehicles last month, including 23,291 units overseas, compared to 193,655 vehicles delivered in February last year.
These new energy vehicles include both passenger and commercial vehicles, fully electric or hybrid. The Shenzhen-based company is backed by Warren Buffett‘S Berkshire Hathaway announced it would stop producing oil-fueled vehicles in April 2022. It has only produced new energy vehicles since then.
In the battery electric vehicle (BEV) segment, the company sold 54,908 units, nearly 39% lower year-on-year and about 48% lower than in January, when the company sold 105,304 BEVs.
Because matter: BYD’s February sales growth marks a shift for the company after reporting sales growth in 2023 and even January 2024.
In the fourth quarter of 2023, BYD took over Tesla as the largest seller of battery electric vehicles (BEVs) with approximately 526,000 units sold. Tesla only sold about 485,000 vehicles in the quarter.
In 2008, Berkshire invested approximately $230 million in BYD, resulting in 225 million shares and a 20.49% stake in Class H shares. Over time it reduced its stake and now holds approximately $87.6 million of BYD H shares, equal to a share of 7.98%.
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