Chinese electric vehicle manufacturer BYD Company (OTC:BYDDY) reported a 21% increase in electric vehicle sales for the second quarter.
BYD sold 426,039 EVs from April to June, approximately 12,000 units fewer than Tesla, Inc‘s (NASDAQ:TSLA) estimated deliveries, reported Reuters.
Tesla is anticipated to announce a 6% decline in second-quarter deliveries, marking the first consecutive quarterly drop as it grapples with fierce competition in China and tepid demand for its older models, the report noted.
BYD had earlier reported a jump in passenger vehicle sales for the month of June 2024, with a total of 340,211 vehicle deliveries.
Battery electric vehicle sales increased to 145,179 vehicles and that of New energy vehicles (NEV) rose to 341,658 units.
Also Read: Tesla Q2 Deliveries: Fund Manager Predicts 4% Shortfall, Ross Gerber Calls It A ‘Low But Special Number’
While Tesla has cut production of its Model Y at its Shanghai plant due to waning demand, BYD has maintained robust growth, the report mentioned.
EV startups like Nio Inc (NYSE:NIO) also saw impressive gains, with NIO’s Q2 deliveries more than doubling to over 57,300 units.
Price reductions and a shift towards electric and hybrid vehicles have bolstered sales for Chinese EV manufacturers.
In May, new energy vehicles comprised 46.7% of total car sales in China, setting a new monthly record, according to the China Passenger Car Association (CPCA).
Price Action: BYDDY shares closed higher by 1.12% at $59.74 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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