BYD (BYDDF), a leading manufacturer of electric vehicles and batteries in China, reported on Sunday that first-quarter sales increased even more than anticipated. In March, BYD sold 207,080 electric vehicles (EVs), which also included plug-in hybrids. This increased by 7.5% in comparison to February’s 191,664 and by 97.5% over a year earlier. 10,398 vehicles from the Chinese giant’s upscale Denza brand were sold in March. In addition to 991 commercial vehicles, BYD sold 102,670 passenger BEVs and 103,419 passenger PHEVs.
The company sold a whopping 552,076 electric vehicles for the entire first quarter, up 93% from a year earlier but down 19% from Q4’s record 683,440 sales.
BYD announced last week that it anticipates Q1 sales to increase by over 80% from the same period last year.
The EV giant announced record-breaking earnings for the fourth quarter and the entire 2022 year on Tuesday. BYD reportedly cut both production and prices after Tesla sparked a fierce EV price war. It hasn’t, however, reduced prices as much as Tesla, XPeng, and a few other EV manufacturers.
According to reports, the Chinese brand posted pictures of a brand-new model dubbed the Seagull on the microblogging platform Weibo last Friday. The Seagull is anticipated to be a very reasonably priced electric hatchback for urban drivers, possibly utilising a novel EV battery. In the current second quarter, it is anticipated to go on sale. Additionally, it is smaller than BYD’s current smallest vehicle, the Dolphin, and local media reports that its starting price will be under 100,000 yuan ($15,000). The sub-100,000 segment is becoming more competitive.
One of the first electric cars to use sodium-ion batteries, which have many benefits over conventional lithium-ion batteries, including lower costs, could be the Seagull. BYD’s Denza has been teasing several vehicles in the meantime. At the Shanghai Auto Show later this month, BYD and other EV manufacturers are expected to debut several new vehicles.
In Monday’s stock market activity, the over-the-counter company’s stock increased 0.2% to 29.46 before running into resistance at the 200-day moving average. Last week, it increased by 9.8%, taking back the 21-day and 50-day. This stock is approaching a 34.04 consolidation buy point, but an early entry could be made with a strong move above the 200-day moving average.
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