BYD (BYDDF), an automotive company backed by billionaire Warren Buffett, has joined competitors Nio (NIO), Xpeng Motors (XPEV), and Li Auto (LI) as frontrunners in the Chinese electric vehicles market.
BYD stocks rose by nearly 3% to 22.95 on Wednesday after the company reported its unexpectedly high sales figures for the month of October. Having sold 23,217 new energy vehicles during the last month alone, BYD has enjoyed an 85% increase in sales over the current year.
During a Beijing auto show in September, BYD revealed the high demand for its luxury electric sedan—the Han. Since then, there have been more than 40,000 orders of the vehicle.
With the coronavirus threat easing in China, the electric vehicle market has enjoyed a steady return to health during Q3, resulting in a surge in BYD’s sales. The automotive manufacturer also enjoyed great success with its new face-mask unit at the start of the coronavirus outbreak. In addition, BYD hinted on Wednesday at further signs indicating a turnaround for Chinese auto sales.
