Electric Cars Sales Booming In China
Art Porcari follows the Chinese car market religiously. His primary focus of financial interest is a company called Kandi (KNDI),which manufacturers small electric cars, mainly for carsharing operations. He recently shared with EV World, among others, a report on electric-drive car sales in China for the first 11 months of 2015. The results are pretty eye-opening.
Porcari's Kandi recently partnered with another leading carmaker there called Geely to produce a larger, roomier electric model called the Panda. According to China-based First Electric Institute, between January and November, they sold 15,689 of them. Just behind the Geely are BAIC's E-series at 14,792, Zotye selling 12,885 Cloud 100s, and Biyaditang at 12,872 with their plug-in copy of a Lexus SUV.
By comparison, Tesla sold over the same 11-month period 4,125 Model S all-electric sedans.
But the real EV line-up leader is BYD's Qin electric (plug-in) hybrid sedan with double the sales of its next competitor. The Shenzhen-based firm in which Warren Buffett's Berkshire Hathaway owns a minority share, sold 30,386 units between January and November. Between the additional sales of their e6, which is used primarily as a taxi in China and South America, the company has racket up global sales of some 50,801 units. Sales figures for December weren't in yet, but these numbers clearly put it on a par with GM's Volt and Nissan's LEAF. They actually surpass Tesla by some 8,700 vehicles. From First Electric Institute's report, it's not clear whether this also includes their k9 electric bus sales. The company announced in September an order for as many as 800 of the buses, which are now available in 10 different models ranging for 30 to 60 feet in length.
At its current pace, BYD already is on pace to become a global leader in the EV world.
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