Warren Buffett-backed Chinese automaker BYD Co (OTC: BYDDY) is aiming to sell 600,000 battery-operated electric vehicles in 2022, cnEVpost reported on Monday, citin
What Happened: The automaker also aims to sell between 500,000 to 600,000 plug-in hybrids next year.
The automaker sold a total of 91,219 new energy vehicles in November, a more than three-fold jump, of which battery electric vehicles contributed 46,137 units and the rest was sales from plug-in hybrid electric vehicles.
The automaker expects to grab a market share of about 25 percent in China. BYD currently has about 18% share in the NEV category.
BYD has already sold 509,838 new energy vehicles so far this year.
Why It Matters: BYD competes with a a number of electric vehicle makers in China including the global market leader Tesla Inc (NASDAQ:TSLA) and local startups such as Nio Inc (NYSE:NIO), Xpeng Inc (NYSE:XPEV), Li Auto (NASDAQ:LI).
Chinese electric automakers are now looking to expand overseas after quickly establishing a presence in home country. In August, BYD began shipping the electric sports utility vehicle Tang to Norway.
BYD, which started off as a battery maker, has been focusing on switching to a fully electric vehicle lineup and its current new energy vehicle portfolio consists of cars, buses, and trucks.
Price Action: BYD shares, which have risen 29.59% so far this year, closed 2.64% lower at $72.7 on Monday.
Photo: Courtesy of BYD