Chinese car manufacturer BYD Company Limited (OTC: BYDDF) reported strong sales of new energy vehicles – a term used in China to refer to both battery electric vehicles (BEVs) and plug-in hybrids – for the month of March. The company also managed to increase production month-over-month despite supply constraints and the novel COVID outbreak in China.

In a key strategic move, the company said it was phasing out the manufacture and sale of fuel-powered vehicles entirely.

What happened: BYD sold 53,664 BEVs in March, up about 230% from a year earlier, the warren buffetthe backed automaker said in a filing with the Hong Kong stock exchange. Compared to February, sales increased by approximately 24%.

Among BYD’s Chinese peers, XPeng, Inc. (NYSE: XPEV) sold 15,414 electric vehicles in March, up 202% year over year and 148% from the prior month. Manufacturer of high-end electric vehicles, Nio, Inc. (NYSE: NIO) March deliveries were up 37.6% year-over-year and 63% month-over-month to 9,985 vehicles. Li Auto, Inc. (NASDAQ: LI) said its March shipments were up 125% year-on-year and 31% month-on-month to 11,034 units.

To put it into perspective, the combined March tally of Nio, XPeng and Li Auto was 36,433 units, which was well below what BYD delivered during the month.

Including plug-in hybrids, BYD’s total electric vehicle sales were 104,338 units in March, down from 23,386 units a year ago and 87,473 units the previous month.

BYD, which sells electric vehicles primarily in China and some European countries, said it delivered 143,233 vehicles in the March quarter. This compares to the 310,048 pioneering EV cars Tesla, Inc. (NASDAQ: TSLA), which has a broader geographic presence, sold for the quarter.

BYD said it produced 54,684 BEVs and 51,434 plug-in hybrid vehicles in March. This was higher than the February figures of 43,809 units and 44,517, respectively.

Related Link: Warren Buffett-backed BYD Says New Han EV Variants Receive Over 12,000 Pre-Orders Within Hours of Launch

BYD stops production of ICE vehicles: BYD also revealed in the filing that it was halting production of fuel-powered vehicles beginning in March. This is in line with the company’s strategic vision to “build low-carbon, environmentally friendly new energy vehicles and create a sustainable green future through technology,” he added.

BYD said it will continue to produce and supply components for fuel vehicles, to continuously provide comprehensive services and after-sales warranties to existing fuel vehicle customers.

Related Link: EV Week in Review: Tesla Tells Investors to ‘Divide or Not’, Nio Launches ET7 Deliveries, Production Disruptions Worsen, and More

Photo: Courtesy of fr.byd.com

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