Investing.com– Shares of Chinese electric vehicle maker BYD Co (HK: ) rose on Monday after the company reported a sharp annual increase in vehicle sales in November, while domestic demand remained strong.
BYD shares in Hong Kong were up 2.6% at HK$260.40 by 10:28 PM ET (03:28 GMT).
The company, which is a major Chinese rival to Tesla Inc (NASDAQ: ), delivered a record 506,804 EVs in November, marking the sixth consecutive month of record high sales.
Sales also increased by almost 7% compared to the same period last year.
The strong sales come amid a slew of new electric vehicle offerings from the company, as demand in the world’s biggest auto market remains strong.
Aggressive discounting by BYD, in an extended price war with Tesla, also boosted sales. Recent reports said the company was asking its suppliers for more price cuts, signaling that China’s EV price war could escalate after two years of shrinking margins.
