BYD Company Limited is in focus this morning after reporting a record number of vehicle deliveries for its second quarter.
The EV company’s deliveries in Q2 may have made it globally the biggest seller of electric vehicles.
How many vehicles did BYD deliver in Q2
BYD delivered a total of 426,000 pure electric vehicles in the second quarter. In comparison, the most current Wall Street estimate is for Tesla Inc to deliver about 420,000 cars in Q2.
Tesla Inc is also expected to publish its quarterly production and deliveries number later today. If it does indeed come roughly in line with estimates, BYD will again steal the crown of the world’s largest EV seller from TSLA on Tuesday.
BYD attributed the sales strength in the second quarter to price cuts and new technology on Tuesday. The first time it surpassed Tesla in terms of EV sales was in the fourth quarter of 2023.
But the U.S. giant reclaimed the top spot this year in Q1.
BYD june deliveries hit a record as well
BYD delivered a record 340,211 vehicles (including both EVs and hybrids) in June.
Pure EV sales were also up 13% on a year-over-year basis last month. But its progress may be hindered moving forward considering both the U.S. and the European Union are now pushing back against the China-made electric vehicles.
Still, that isn’t standing in the way of BYD’s commitment to expanding globally – at least for now. In fact, the automaker introduced five new vehicles today in Tunisia: three EVs and two PHEVs.
BYD stock is currently up more than 45% versus its year-to-date low in early February. Legendary investor Warren Buffett’s Berkshire Hathaway has a stake in BYD.
BYD partnered with Ayvens on Tuesday
Also on Tuesday, BYD teamed up with Ayvens – a sustainable mobility company over distribution of electric vehicles in Europe. Wang Chuanfu, chairman and president of the Chinese EV maker said today:
Our cooperation with Ayvens reflects our mutual vision to accelerate the development of NEV markets in Europe. Together, we offer diverse, accessible, and appealing products with pioneering innovation to incentivise the advancement of eco-friendly lease fleets.
The Memorandum of Understanding (MoU) will also see the two companies collaborate on training programmes and benefit from knowledge-sharing initiatives aimed at continuous innovation in NEVs and battery technology.
The news arrives a couple months after BYD said its net profit tanked a whopping 47% sequentially to RMB 4.57 billion. Its revenue at RMB 124.94 billion also came in down over 30% versus the prior quarter.
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