By Kimberley Kao

Chinese electric-vehicle maker BYD reported higher quarterly sales and production volume despite stiff competition from Chinese rivals, with sales rebounding and exports surging in March.

The Warren Buffett-backed carmaker sold 626,263 new-energy vehicles in the first quarter, up 13% from a year earlier, the company said Monday. Sales grew 46% in March after slipping 6.1% in the first two months of the year.

Sales of plug-in hybrids, which made up 52% of the company's total sales, rose 14% in the quarter, while sales of pure battery EVs increased 13%.

The company's exports also rose, with overseas sales nearly tripling to 38,434 units in March.

China's EV market has been locked in a fierce price war that is expected to continue in 2024, but BYD's figures reflect the broad sales growth reported by Chinese carmakers so far.

Fellow EV maker Li Auto posted a 53% jump in first-quarter deliveries to 80,400 units, while XPeng's rose 20% to 21,821 vehicles. Geely Automobile sold 475,720 units, up 49% from a year earlier.

Write to Kimberley Kao at

(END) Dow Jones Newswires

04-01-24 0813ET