Warren Buffett-Backed BYD Hits 6 Million EVs, Puts Pressure On Tesla In China

Benzinga ·  Nov 27, 2023 01:47

Chinese EV giant BYD Co Ltd (OTCPK: BYDDY) (OTCPK: BYDDF), considered a rival to Tesla Inc (NASDAQ:TSLA) announced on Saturday that it has achieved a significant milestone in the electric vehicle industry by rolling out its 6 millionth new energy vehicle (NEV).

What Happened: BYD made the announcement merely three months after it announced that its NEV production has touched 5 million and a year after it announced the rollout of its 3 millionth NEV. Interestingly, BYD took 13 years to build the first one million new energy vehicles.

In China, the term NEV refers to electric-powered automobiles, encompassing battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).

BYD's 6 Millionth NEV Rolls Off Production Line.
We celebrate this milestone just three months after building our 5 millionth NEV.
Since 2010, we've expanded our global presence with electric public transport solutions in over 400 cities across 70+ countries.
Our rapid pace...

— BYD (@BYDCompany) November 26, 2023

The 6 millionth vehicle was a BAO 5, a super hybrid hardcore SUV from BYD's sub-brand Fangchengbao, which rolled off the production line in the Zhengzhou factory.

Why It Matters: Tesla Inc (NASDAQ:TSLA) said in September that it had rolled out its two-millionth vehicle from its gigafactory in China. The company is looking to make 1.8 million vehicles across the globe this year alone.

In October, BYD produced 307,014 new energy vehicles and sold 301,833 units, including 30,521 units overseas. These new energy vehicles include both passenger and commercial vehicles which are either fully electric or hybrid.

The Shenzhen-based company announced that it stopped production of oil-fueled vehicles in April last year. It is backed by Warren Buffett's Berkshire Hathaway.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

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