BEIJING, November 3  (TMTPOST)— Warren Buffett-backed Chinese automaker BYD Co., is well on the track to win a sales champion in electric vehicle (EV) market this year, when it kept setting impressive monthly record till the past month.

Source:Visual China

BYD announced on Thursday that it sold 217,816 new energy vehicles (NEVs) in October, rising 168.8% from a year earlier. Sales from January to that month totaled around 1.4 million, representing a 233.92% year-over-year (YoY) increase. October saw BYD broke sales record for an eighth straight month and the new record suggests an increasing of 8.2% from previous month, when the company for the first time sold more than 200,000 vehicles in a month.

BYD maintained triple-digit monthly growth in sales since entering into 2022. The achievement highlights BYD’s robust growth in EV sector since March, in which the maker has just ceased the production of cars powered only by internal combustion engines and completely shifting to production of battery electric vehicles and plug-in hybrid electric vehicles.

Data released the same day showed BYD is way more than U.S. rival Tesla in its home market. Sales of Tesla China grew 31.83% YoY to 71,704 units in October, 13.75% less than the previous month, according to the China Passenger Car Association (CPCA). BYD sales are about three times more than Tesla China based on data from the industry body.

In the first three quarters of the year, BYD became the world's first EV maker with sales of more than 1 million units, overtaking the former champion Tesla. Tesla, amid headwinds such as supply chain challenges and increasing competitions, has launched a price war in China. It announced in late October about its first price cuts in the country since the beginning of the year, involving all the versions of its Model 3 and Model Y. The Model Y Long Range, saw the biggest adjustment as it now costs RMB357,900 (US$36,710), suggesting down RMB37,000, or a decline of 9.4%. 

In September, Tesla China was reportedly working on new ways to sell EVs, including shutting down some of showrooms in big cities like Beijing, as traffic there reduced notably amid the Covid restrictions and lockdowns. The retail strategy change doesn't mean Tesla is holding back in its second largest market next to the United States. It is said that Tesla is increasing hiring to improve services in China.