EV Sales At BYD, XPeng Soar In Sept. From Year Earlier, Underscoring Strong China Demand

Sales at two of China’s fastest-growing new energy vehicle suppliers continued a year-long surge in September, underscoring brisk EV demand in the world’s largest auto market.

BYD, the Shenzhen-headquartered vehicle and battery maker backed by Warren Buffett’s Berkshire Hathaway, said on Sunday sales of new energy vehicles more than tripled in September to 71,099 compared with 19,881 a year earlier. For the first nine months of the year, it sold 337,579 new energy vehicles, an increase of 204.3% from a year earlier.

Alibaba-backed XPeng, meanwhile, said shipments rose by nearly 200% to 10,412 units; for the first nine months, they gained 301% to 56,404.

Increasingly popular new energy vehicles accounted for approximately one-fifth of sales of 1.8 million motor vehicles in China in August, climbing even as overall vehicle shipments fell nearly 18% that month.

BYD’s business is more diversified than its rivals – it also makes handset components and photovoltaics. Among its customers are Dell, Apple, Xiaomi and Huawei.

BYD Chairman Wang Chuanfu is worth $20.6 billion on the Forbes Real-Time Billionaires List today.  XPeng’s chairman He Xiaopeng is worth $6.2 billion.

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@rflannerychina