https://finance.yahoo.com/news/warren-buffett-backed-ev-maker-222549280.html
Chinese carmaker BYD is gaining momentum in the increasingly competitive global EV race, while the dominance of longtime leader Tesla wanes.
The Warren-Buffett backed carmaker on Monday reported a 13% year-over-year increase in “new-energy” vehicle sales, which includes both electric and plug-in hybrid vehicles. In total, the company sold 626,263 vehicles in the first quarter, of which about 300,114 were pure EVs.
BYD’s strong first quarter performance contrasts with plummeting expectations for Elon Musk-owned EV maker Tesla, whose stock has dropped nearly 30% year-to-date.
Several analysts have revised down their projections for the company’s first quarter vehicle deliveries (an approximate gauge for sales), after reports of a cutback in production at Tesla’s factory in Shanghai.
Wedbush Securities cut their estimate to 425,968 from about 475,000. If Wedbush’s prediction is accurate Tesla’s vehicle deliveries will have grown less than 1% year over year, but would still be higher than BYD’s pure EV sales during the same period. Tesla is set to report its first quarter vehicle deliveries on Tuesday.
