(BRK.A), (BRK.B)
BYD, the Chinese automaker backed by Berkshire Hathaway, has had a remarkable resurgence in its new-energy vehicle sales for the month of March. The company reported selling a total of 626,263 new-energy vehicles, encompassing both plug-in electric vehicles (EVs) and battery EVs. This figure marks a significant 13% increase compared to the same period last year.
After facing a decline in sales during the initial months of the year, BYD experienced a robust rebound in March, with sales soaring by an impressive 46%.
BYD’s Chairman and President, Wang Chuanfu, noted at an investors’ conference on Wednesday that total deliveries in 2024 may exceed 3.6 million vehicles. He predicted that total global exports could reach 500,000 units.
The increase in sales, despite growing competition from other Chinese automakers, reflects the growing demand for eco-friendly transportation solutions, driven by increasing environmental consciousness and a shift towards sustainable mobility options.
© 2024 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.