BYD Company (OTC:BYDDY) shares are on watch Tuesday afternoon after the company reportedly saw a 21% increase in Q2 EV sales.
What To Know: The company reportedly sold 426,039 EVs from April to June, narrowing the gap with Tesla, Inc. (NASDAQ:TSLAHTTPS, NASDAQ:TSLA), which is estimated to have delivered only 12,000 more units in the same period, according to Reuters.
The company recently launched five new electric models in Tunisia and entered a strategic partnership with French car-leasing firm Ayvens SA to expand its footprint in Europe. This partnership aims to distribute BYD's electric vehicles in France, the Netherlands, Belgium and Luxembourg.
What Else: Tesla, on the other hand, is anticipated to report a 6% decline in Q2 deliveries, marking its first consecutive quarterly drop. This decline may also be attributed to the production cuts of the Model Y at its Shanghai plant.
BYDDY Price Action: BYD shares were up by 1.12% at $58.80 according to Benzinga Pro.
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