New energy vehicle sales from China’s largest electric vehicle maker BYD in July tripled from the same period last year. This is the latest in a series of reports highlighting the strong demand for electric vehicles in the world’s largest automotive market. Shenzhen-based 4,444 BYD sold 50,492 new electric vehicles last month, compared with 15,100 in the same period last year, the company said in a statement today. 4,444 In the first seven months of this year, 205,071 new electric vehicles were sold, a year-on-year increase of 171%.

The pioneers of China’s electric vehicle industry face fierce competition from local startups such as Weilai and Xiaopeng, as well as from Tesla, which has invested in China. BYD CEO Wang Chuanfu said in a written response to Forbes China interview questions last month: “New phenomena will never develop at a similar speed, and the industry will change faster than imagined.” He added that he expects sales of new electric vehicles to represent 70% of the Chinese market by 2030.
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BYD Chairman Wang Chuanfu announces annual results
BYD Founder and Chairman Wang Chuanfu. Photographer: Billy H.C. Kwok / Bloomberg © 2018 BLOOMBERG FINANCE LP

BYD shareholders include Warren Buffett’s Berkshire Hathaway. Its business is more diversified than its competitors, including mobile phone components, rechargeable batteries, and photovoltaics. Its clients include Dell, Apple, Xiaomi and Huawei; Its Hong Kong-listed shares have risen 240% in the last year and today closed at HK $ 270.80.

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