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Warren Buffett-backed BYD sells more electric cars March vs Nio Xpeng

Chinese battery and electric car manufacturer BYD is showing a model of its Han EV series at the Beijing Motor Show in 2020.

Evelyn Cheng | CNBC

BEIJING – Chinese carmaker BYD sold more than twice as many battery-powered electric cars as startup Nio delivered in March.

BYD, backed by US billionaire Warren Buffett, revealed on Tuesday that sales of its battery-powered passenger cars totaled 1

6,301 units last month.

That’s more than double Nio’s deliveries in March of 7,257 cars. Rival startup Xpeng delivered even fewer vehicles at 5,110 units last month. Both companies still beat analysts’ expectations with these numbers.

In the new energy vehicle category, which includes both hybrid and pure electric cars, BYD sold more than 23,000 units in March – bringing the total amount in the first quarter to 53,380 cars.

BYD also sold nearly as many oil-powered vehicles in the first quarter to 49,394 units.

Sales of electric cars come as China’s car market recovers after the coronavirus pandemic that hit the country hardest in the first quarter of 2020.

New motor vehicle registrations in the first quarter of this year rose to a record high of 9.66 million, China’s Ministry of Public Security said on Tuesday. New energy cars accounted for 466,000 or just over 6% of the newly registered cars, the data showed.

The percentage of new energy cars nationwide that are purely electric was 81.5% in the first quarter, roughly the same as the ratio in 2020 according to public safety data.

When it comes to the global market, China’s electric car manufacturers still have a big gap to close.

Electric car market leader Tesla said last week that it delivered 184,800 cars worldwide in the first quarter. While the U.S. electric carmaker did not release figures for China, the company noted in a statement: “We are encouraged by the strong reception of Model Y in China and are rapidly moving forward to full production capacity.”

Elon Musk’s car company began deliveries of a China-made Model Y in January. The car was the third best-selling new energy car in China in February, according to the China Passenger Car Association.

Tesla has installed an annual production capacity of 200,000 Model Y units at its factory in Shanghai, according to an investor presentation at the end of January.

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