Buffett’s ‘Tesla’ sells more electric cars than Nio and Xpeng combined

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Chinese automaker BYD sold more than the combined number of units delivered by its main rivals Nio and Xpeng in March, still beating analysts’ expectations, reports CNBC .

In the new energy vehicle category, which includes hybrid and pure electric cars, BYD sold more than 23,000 units in March , bringing the total in the first quarter to 53,380 cars.

These electric vehicle sales figures come at a time when China’s automotive market is recovering from the coronavirus pandemic.

New motor vehicle registrations in the first quarter of this year rose to a record 9.66 million, according to the Chinese Ministry of Public Security. New energy vehicles accounted for 466,000, or just over 6% of newly registered cars, the data showed.

The percentage of renewable energy cars nationwide that are purely electric was 81.5% in the first quarter , about the same figure as in 2020, according to Public Safety data.

However, in the context of the global market, China’s electric car manufacturers still have a long way to go.

Electric car market leader Tesla (NASDAQ: TSLA ) reported last week that it delivered 184,800 cars worldwide in the first quarter. While the manufacturer did not disclose figures for China, the company said in a statement: “We are encouraged by the strong reception of the Model Y in China and are making rapid progress towards full production capacity.”

Elon Musk’s firm began deliveries of its Model Y manufactured in China last January. This car was the third best-selling renewable energy vehicle in China in February, according to the China Passenger Car Association.

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