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Chinese electric vehicle maker BYD Manufacturing Company Limited BYDDY BYDDF has been a consistent performer even amid the production and supply chain issues seen in China. A report highlighted one data point that goes on to prove the company, backed by billionaire investor Warren Buffett, has what it takes to be a global player in the automotive industry.
What Happened: BYD has taken an “overwhelming” lead in EV technology patent filings, reported Nikkei, citing an analysis of patent applications filed by China’s four largest sellers of EVs. The study was done in collaboration with Tokyo-based analytics firm Intellectual Property Landscape.
See Also: Warren Buffett-Backed BYD Reportedly Plans To Launch New Premium Brand In Q1 2023
BYD filed 1,557 patent applications, nearly double that of the 870 filings by the second-ranking Zhejiang Geely Holding Group, the report said. The third position reportedly went to Chery Automotive, which boasted 640 patent filings. General Motor Corp.’s GM Chinese manufacturing partner SAIC Motor claimed the fourth position with 448 patent filings.
BYD also outscored its three rivals in terms of patent filings overseas, with 171 filings in Europe, 139 in the U.S and 40 in Japan, the report said. Geely’s tally stood at 58, 33 and eight applications, respectively.
Why It’s Important: Patent filings are considered a key measure of innovation, and innovation is important for companies, especially those in high-tech areas, to stand out amid the mushrooming competition.
“Right now, BYD is the only Chinese player that can debut in the global market,” Akira Yamauchi, CEO of Intellectual Property Landscape said, Nikkei reported.
BYD has also been a performer, with the October data showing that it delivered 103,157 units of battery EVs, up nearly 150% from the year-ago period. In comparison, Tesla Inc. TSLA delivered only 71,704 EVs during the month, data released by the industry body China Passenger Car Association showed.
Price Action: BYD ADRs trading over the counter in the U.S. closed Friday’s session at $49.53, up 2.72%, according to Benzinga Pro data.
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Image and article originally from www.benzinga.com. Read the original article here.