BYD offsets Covid snags to hit record high in some as other EV rivals suffer

China EV and battery giant BYD set a new sales record in April, rising slightly versus March and quadrupling versus a year earlier.

Nio and its EV startup peers suffered major declines as Covid-19 shutdowns hampered production and supply chains.

BYD’s sales of electric vehicles and plug-in hybrids rose 1% vs. March, the company reported on Tuesday.

Nio reported that April sales fell 49% vs. March, after production reportedly was briefly halted last month.

Xpeng reported a 42% decline vs. March while Li Auto deliveries plunged 62%, after both Nio rivals flagged production and delivery concerns earlier in April.

Warren Buffett-backed BYD sold 106,042 new energy vehicles in April, a record and up 1% from March’s 104,878.

In April, BYD sales surged 313% from a year earlier. Among passenger cars, BYD sold 57,403 all-EVs, up 256% vs. a year earlier. Plug-in hybrid sales skyrocketed 439% to 48,072 units in April.

BYD, which makes its own chips and batteries, may have been more insulated from supply snarls.

As of the end of March, BYD shifted to producing only hybrid and electric vehicles, ditching pure gas and diesel cars.

BYD stock, which trades over the counter in the U.S., advanced 3.2% Tuesday. Shares edged down 0.1% to 29 on Monday, but held above their 50-day moving average. Shares are still below their 200-day line.

Nio delivered 5,074 vehicles in April, off 49% from March and down 29% vs. a year earlier. Production was shut down for part of the month as new Covid-19 outbreaks hit suppliers’ output and shipments.

Xpeng delivered 9,002 vehicles in April, down 42% from March but up 75% vs. a year earlier.

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