The Shenzhen-based, Chinese automaker BYD Co’s all-electric vehicle sales soared by more than double in December, helping it outscore local rivals Xpeng Inc,Nio Inc andLi Auto Inc combined for the full year as well.
What Happened:BYD, which is backed by Warren Buffett-ledBerkshire Hathaway Inc(NYSE:BRK-A) (NYSE:BRK-B), sold a record 48,317 battery-powered electric vehicles in December, a jump of 148% year-over-year and 4.7% over the previous month.
BYD sold 320,810 battery-powered electric vehicles last year, a jump of 144.9% over 2019.
For the full year, BYD sold more electric vehicles than Nio, Xpeng and Li combined. The three electric vehicle makers together delivered 280,075 electric vehicles in 2021.
BYD’s overall new energy vehicles sales jumped more than three-fold to 93,945 units in December from a year ago. BYD’s NEV portfolio consists of cars, buses, and trucks and includes hybrids as well.
Nio, Xpeng, and Li Auto are in a close contest. Xpeng delivered 16,000 electric vehicles in December, Li Auto delivered 14,087 Li ONEs and Nio squeezed out just a little over 10,000 units during the month.
German automaker Volkswagen Group, which started selling ID. electric vehicles in China in June, delivered 13, 787 IDs in the country last month.
Why It Matters: China’s electric vehicle adoption is picking up pace as more players — spurred by increased demand — rush to roll out their products and charging services. Nearly all players in the segment including Nio, Xpeng, Li Auto, Volkswagen have a new product launch planned this year.
Tesla reported smashing global delivery numbers for December and 2021, a big chunk of which is expected to have come from China. Elon Musk-led Tesla doesn't give a geographical breakdown of the deliveries.
Price Action: BYDDY shares closed 3.06% lower at $67.5 a share on Friday.