Benzinga | Jul 7, 2021 02:36AM EDT

Warren Buffett-Backed Automaker BYD Could Fully Transition To NEVs As Evident From Sale-Numbers, Say Analysts

Chinese legacy automaker BYD Co Ltd (OTC:BYDDF) could transition to a fully new-energy-vehicle portfolio, a Huaxi Securities analyst said, as reported by cnEVpost on Tuesday.

What Happened: Huaxi analysts said that BYD's "full transition to new energy vehicles is about to be realized," as evident from the sales figures posted by the automaker in June.

See Also: Warren Buffett-Backed BYD Sees EV Sales More Than Double In June, Outdoes Rival Nio By 148%

The sale of the Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) Warren Buffett-backed auotmaker's internal combustion engine vehicles dived 50.7% to 9,649 vehicles in June as oil-fueled SUV volumes more than halved to 6,930 vehicles during the month.

Why It Matters: BYD, which is among the world's largest electric vehicle makers, reported a 192% year-on-year jump in New Energy Vehicle (NEV) sales in June while its all-electric vehicle sales more than doubled during the month.

Rival Chinese electric vehicle makers such as Nio Inc (NYSE:NIO), Li Auto Inc (NASDAQ:LI), and Xpeng Inc (NYSE:XPEV) have all reported a sharp rise in June sales, indicating a growing interest and adoption for the electric vehicle portfolio in China. The data for Tesla Inc (NASDAQ:TSLA) deliveries in the country for June, which comes from third-party firms, isn't yet available.

Price Action: BYD shares closed 0.4% higher at $57.22 on Tuesday.

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Photo: Courtesy of BYD