BYD (BYDDF) showed off new electric vehicles as the Chinese auto giant outsold EV rivals Nio (NIO) and XPeng (XPEV) combined in March. BYD stock rose.
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On Thursday in China, BYD launched two new EV models and refreshed two existing models.
The new EVs include the Qin Plus sedan and the the Song Plus SUV, with the names a nationalistic nod to imperial China dynasties. They’re priced to appeal to lower and middle-income owners in a challenge to Tesla (TSLA), according to the South China Morning Post.
BYD also updated its its flagship Tang SUV and the e2 compact car, often used in commercial fleets.
In two weeks’ time, BYD is expected to unveil a new premium EV brand at the Shanghai Auto Show. Warren Buffett’s Berkshire Hathaway (BRKB) first invested in the Chinese maker of electric cars and batteries in 2008 and now owns a roughly 8% stake in it.
Meanwhile, BYD sold 16,301 battery-electric cars in March, according to CNBC. Rival Nio sold 7,257 EVs and XPeng sold 5,102 EVs last month.
Nio on Wednesday warned it may miss its Q2 production target of 7,500 electric cars due to the global chip shortage, following a similar warning for Q1.
“We still face difficulties in achieving our production goal,” CEO William Li said at an event where Nio’s 100,000th premium EV rolled off the line, according to local reports.
“The issue remains tough in the second quarter, but it will affect our production only in the near term,” Li added.
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BYD Stock
Shares rallied 2.5% to 23.10 on the stock market today. BYD stock remains well below the 50-day line, according to MarketSmith chart analysis. Among other China EV stocks, Nio stock gained 3.8%, Xpeng rose 4%, and Li Auto (LI) added 4.5%. Tesla (TSLA), an EV leader in the world’s biggest car market, rose 1.9%.
BYD’s new EVs come as more competitors emerge.
Last month, Chinese auto giant Geely unveiled a premium brand called Zeekr. Giant smartphone makers and suppliers, such as Foxconn and Xiaomi, also plan to bring new electric cars to market.
In Q1, Tesla (TSLA) delivered 184,400 electric cars globally. It does not break out figures by market but in a release noted “strong reception” for the new Model Y in China.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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