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Warren Buffett-Backed Chinese Car Maker BYD Zooms Past Rivals
BYD electric car Chinese automaker has doubled sales in 2022 and is surging past Tesla in China. Most of its component makers are located in Shenzen which were not affected by the lockdowns in 2022, compared to its competitors VW and Tesla with parts makers in Shanghai area. BYD was a pioneer in making batteries for cars in China, which gives it a considerable advantage over VW and Tesla which source the batteries from outside.
Warren Buffett invested 210 million for 7.7% of BYD in 2008. Other US investors also invested in BYD.
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