Tesla rival BYD clocks record sales in Nov, shares rise
2024.12.01 22:52
Investing.com– Shares of Chinese electric vehicle maker BYD Co (HK:) rose on Monday after the firm clocked a sharp year-on-year increase in vehicle sales for November, as domestic demand remained robust.
BYD’s Hong Kong shares rose 2.6% to HK$260.40 by 22:28 ET (03:28 GMT).
The firm, which is a major Chinese rival to Tesla Inc (NASDAQ:), clocked a record-high 506,804 EVs in November, marking a sixth straight month of record-high sales.
Sales also grew nearly 7% from the same period last year.
The strong sales come amid a slew of new EV offerings from the company, as demand in the world’s biggest auto market remained robust.
Aggressive discounting by BYD, in an extended price war with Tesla, has also boosted sales. Recent reports said the firm had asked its suppliers for more price cuts, signaling that a Chinese EV price war may be set to escalate after two years of shrinking margins.
