Benzinga | Aug 13, 2021 09:54AM EDT

Warren Buffett-Backed BYD Beats Nio To The Punch As It Begins EV Deliveries In Norway

Chinese automaker BYD Co Ltd (OTC:BYDDF) (OTC:BYDDY) said on Thursday it has begun deliveries of electric sports utility vehicle Tang in Norway, weeks ahead of homegrown rival Nio Inc's (NYSE:NIO) similar plans.

What Happened: BYD said it aims to deliver 1,500 Tang electric SUVs by the end of the year. The SUVs are priced at NOK 599,900 ($69,093).

The Shenzhen-based automaker has partnered with RSA, a local distributor in Norway, to provide marketing, sales, after-sales and parts supply services.

BYD, a company backed by Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B), sold more electric vehicles in China during the month of July than the combined delivery numbers of Nio, Xpeng Inc (NYSE:XPEV) and Li Auto (NASDAQ Li).

See Also: Nio Begins Shipping Flagship ES8 SUVs To Norway, Marking Key Step In Europe Expansion

Why Norway? Norway, widely considered the most EV-friendly country in the world, is being seen as an entry-point for China's electric vehicle upstarts eyeing an expansion in Europe.

The U.S.-listed Nio has already shipped the first batch of electric seven-seater SUV ES8s to Norway and expects to commence deliveries in September.

Norway is also an important market for Tesla Inc (NASDAQ:TSLA), with CEO Elon Musk last month praising the country for playing a "major role" in advancement of electric vehicles.

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 33.5% so far this year, closed 2% higher at $70.45 on Thursday.

See also: How to Buy Nio Stock

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Photo: Courtesy of BYD