Chinese legacy automaker BYD Co Ltd BYDDF could transition to a fully new-energy-vehicle portfolio, a Huaxi Securities analyst said, as reported by cnEVpost on Tuesday.
What Happened: Huaxi analysts said that BYD's "full transition to new energy vehicles is about to be realized," as evident from the sales figures posted by the automaker in June.
See Also: Warren Buffett-Backed BYD Sees EV Sales More Than Double In June, Outdoes Rival Nio By 148%
The sale of the Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) Warren Buffett-backed auotmaker's internal combustion engine vehicles dived 50.7% to 9,649 vehicles in June as oil-fueled SUV volumes more than halved to 6,930 vehicles during the month.
Why It Matters: BYD, which is among the world’s largest electric vehicle makers, reported a 192% year-on-year jump in New Energy Vehicle (NEV) sales in June while its all-electric vehicle sales more than doubled during the month.
Rival Chinese electric vehicle makers such as Nio Inc NIO, Li Auto Inc LI, and Xpeng Inc XPEV have all reported a sharp rise in June sales, indicating a growing interest and adoption for the electric vehicle portfolio in China. The data for Tesla Inc TSLA deliveries in the country for June, which comes from third-party firms, isn't yet available.
Price Action: BYD shares closed 0.4% higher at $57.22 on Tuesday.
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Photo: Courtesy of BYD
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