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

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

Photo: Courtesy of BYD

Chinese automaker BYD Co Ltd (BYDDFBYDDY) said on Thursday it has begun deliveries of electric sports utility vehicle Tang in Norway, weeks ahead of homegrown rival Nio Inc’s (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 (XPEV), and Li Auto (NASDAQ LI).

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 (TSLA), with CEO Elon Musk last month praising the country for playing a "major role" in the 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.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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