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

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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