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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.
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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