BYD (OTC:BYDDY) stock gained in Tuesday’s early deals, rising over 5%, after the Chinese electric vehicle (EV) maker reported what were described as “record” sales.
Warren Buffett-backed BYD saw in excess of 700,000 vehicle sales in its second quarter, and in the month of July achieved its best ever single month of sales, with the growth coming from its Dynasty and Ocean series of plug-in hybrids and battery-only EVs.
First-half profit jumped some 204% to 10.95 billion yuan ($1.50 billion), versus 3.6 billion yuan in the same period last year, driven by a 72% improvement in revenue to 260.12 billion yuan.
It comes in contrast to rival Chinese EV firm NIO which today disappointed with its quarterly results.
At the same time, Tesla is engaged in something of a price war with its Chinese challengers.
BYD yesterday announced a deal for its electronics subsidiary to acquire Jabil Inc (NYSE:JBL)’s mobile electronics manufacturing business for around $2.2 billion, with the deal expected to bolster the group’s supply chain and increase its market share.
Buffett earlier this year reduced his stake in BYD, reportedly to beneath 10%.
In New York, BYD stock was up $3.18 or 5.4% changing hands at $58.52 each.