Warren Buffett-Backed BYD’s EV Production Nearly Quadrupled In April Despite Pandemic Fallout

BYD, the Shenzhen-headquartered vehicle and battery maker backed by Warren Buffett’s Berkshire Hathaway, said on Tuesday its production of new energy vehicles nearly quadrupled in April from to 107,478 from 27,115 a year earlier.

The company’s output in April increased from 106,658 in March, allowing it to fare better than rivals Li Auto, XPeng — backed by Alibaba, and NIO – backed by Tencent amid China’s pandemic dislocations last month. All three reported a month-on-month decline in deliveries in April.

For the first four months of 2022, BYD produced 395,008 new energy vehicles, compared with 82,734 in the first four months of 2021, an increase of 377%, the company said in an announcement

BYD’s overall business is more diversified than its rivals – it also makes handset components and photovoltaics. Among its customers are Dell, Apple, Xiaomi and Huawei.

In related news this week, BYD recalled close to 10,000 cars to replace a potentially faulty battery pack, according to the State Administration for Market Regulation, the Xinhua News Agency reported on Tuesday. (See post here.)

Berkshire Hathaway holds a 7.7% stake, in BYD.

BYD Chairman Wang Chuanfu holds a fortune worth $19.7 billion on the Forbes Real-Time Billionaires List today.

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@rflannerychina