Warren Buffet backed BYD Sells Fewer Cars than 2019, and Tesla Remains at the Top

BYD, a Chinese automaker that principally indulges in manufacturing and sales of transportation equipment, reportedly sold fewer all-electric passenger cars from January – June this year in contrast to its sale for the same period in 2019. The company is known to be backed by U.S. Billionaire Warren Buffet and provided a statement on July 5, 2021, that it was able to sell 20,106 all-electric passenger cars in June for a total of 93,440 units in the first six months of 2021, which is interestingly double of what was sold last year. However, the growth experienced still falls short when compared to the figure of 95,779 all electric-passenger cars that the company could sell in the first six months of 2019. 

In addition, in the month of June, BYD also sold 84 units higher of hybrid-powered passenger cars than all-electric ones. This was a first in the standard norm of BYD’s all-electric cars outselling the hybrid ones. 

According to China Association of Automobile Manufacturers reports, Passenger car sales in the country fell by 14.9 percent in June as compared to the figure of 2020. Further, overall vehicle sales also likely fell to 19.3 Million units in June, which was a decline of 16.3 percent year-on-year and 9.5 percent down from May. Even then, the figures indicate that China’s vehicle sales experienced a boost in the last two years. Relying on the association’s estimates, data received from Wind indicates that China would have sold 1.8 million vehicles in the first six months of 2021. That would have been an increase of 24.8 percent from a year ago and 12.3 Million units more than what was sold in the same period of 2019. 

The company’s total sale of 256,689 units this year exceeds the 228,072 units that were sold in the same period in 2019. BYD announced in June that it had shipped around 100 all-electric cars to Norway as the first batch of a planner 1500 units set to be delivered to the country by the end of 2021. The automaker’s latest all-electric car models helped significantly in keeping it ahead in the race against all rivals. Nio, another car manufacturing company, based in Shanghai, reported delivery of more than 41,900 electric cars in 2021. Among all this, Tesla, owned by Elon Musk, remains undoubtedly the global leader when it comes to electric cars. Reports suggest that it sold nearly 201,250 vehicles solely in its second quarter.