BYD Auto Co., Ltd. looks forward to a more than 300.00% surge in its August sales.
The company name BYD stands for “Build Your Dreams” and is one of China’s biggest electric vehicle makers.
In addition, the automotive company develops in-house various core parts for electrified vehicles.
BYD has a current market capitalization of $752.90 billion and shares outstanding of $2.73 billion.
Moreover, the Shenzhen-based company sold 61,409 new energy vehicles in the previous month.
Remarkably, this reported data hiked from the 50,492 sales in July and more than four times its record last year.
Furthermore, battery electric vehicles and plug-in hybrids profits mainly contributed to the recent jump in sales.
On Monday, BYD shares jumped 7.78% or 19.80 points to $274.20 per share.
Likewise, Geely Automobile Holdings Ltd improved 2.01% or 0.55 points to $27.95 per share.
Meanwhile, startups Nio, Li Auto, and XPeng modestly challenge BYD, delivering 10,000 cars in August.
Moreover, Nio Inc. rose by 0.05% or 0.02 points to $40.37 per share.
Then, Li Auto Inc. declined by 0.17% or 0.20 points to $118.30 per share.
Similarly, Xpeng Inc. plunged 1.22% or 1.90 points to $154.30 per share.
Additionally, the auto industry suffers from the persisting pandemic and material shortage.
Despite the implications, the demand for electric cars in China continues to hike.
This is due to the push of the world’s largest auto market to develop the sector.
In the first eight months of this year, China forecasted 1.7 million sales for new energy vehicles.
Furthermore, the estimates inched up from the 600,000 sales in the same period last year.
Japanese Automakers’ Sales Fell in China
Meanwhile, Japanese automakers’ sales fell in China due to the microchip shortage that affected vehicle production.
For instance, Honda Motor Co. Ltd. plummeted to 91,694 vehicles, 38.30% less than its sales last year.
On Monday, Honda shares hiked 1.18% or 0.36 points to $30.82 per share.
Likewise, Nissan Motor Co. Ltd. declined 10.60%, posting 113,166 sales.
Nevertheless, Nissan shares rose 0.46% or 2.60 points to $5.21 per share.
In addition, Toyota Motor Corp. edged down 11.90% to 144,800 cars from the same period in 2020.
However, Toyota shares climbed 1.72% or 3.03 points to $179.27 per share.
Moreover, the global chip shortage also caused conflict with leading automakers’ productions, including Ford Motor, General Motors, and Volkswagen.