BEIJING, December 2  (TMTPOST)— BYD Co., the Chinese electric vehicle (EV) company backed by Warren Buffett ’s Berkshire Hathaway, maintained massive growth for the year and shattered new sales record in the past month.

Source: Visual China

BYD sold 230,427 vehicles in November, breaking its monthly sales record for the ninth consecutive month, according to an announcement on Friday. The new record brought BYD’s total sales this year from January to 1.633 million units, increasing 154.8% from the same period a year ago. With sales topped 200,000 units three months in a row, BYD met its annual target of 1.5 million vehicles this year a month earlier. In its previous meeting with investors, BYD expected annual sales can reach 1.5 million based on orders and could even hit 2 million units if the supply chain works well.  

November saw BYD sales grew 134.3% year-over-year (YoY), maintaining triple-digit monthly growth in sales since entering into 2022. Out of the total sales in the past eleven months, there were 1.63 million new energy vehicles (NEVs) sold with a 219.3% YoY increase, highlighting BYD’s robust growth in EV sector this year. The EV maker decided to cease the production of cars powered only by internal combustion engines in March, and from that month on, completely shift to production of battery electric vehicles and plug-in hybrid electric vehicles.

It is notable that BYD’s performance beyond homeland much better than expectation. The EV giant exported 12,300 passenger cars to overseas market, for the first time topping 10,000 units in a month. With 44,600 units of sales in total during the past eleven month, it has broken overseas sales record sequentially since it first disclosed sales in foreign countries in July. While Sinolink Securities previously estimated that BYD to sell 50,000 vehicles overseas in the year, the company now is very likely to beat the expectations of overseas sales. Sinolink’s bullish view partially lies in outlook of BYD’s key export destination Europe, in which the EV market hasn’t witnessed sufficient competition and the main players are Tesla and Volkswagen. BYD took Europe BYD is expected to export more than 150,000 vehicles in Europe next year, accounting for more than half of total exports, the securities firm noted.