6.3 C
London
Thursday, September 29, 2022

Warren Buffett sells $47 million stake in Chinese EV company BYD

Must read

Rapper Coolio dead at 59

LOS ANGELES - Rapper Coolio, known for hits such as 'Fantastic Voyage' and 'Gangsta's Paradise', has died at the age of 59, his manager...

Tesla appoints Airbnb co-founder to board • londonbusinessblog.com

Tesla has appointed Airbnb co-founder and billionaire Joe Gebbia to its board of directors, according to a securities filing. Gebbia, a designer who is co-founder...

Pigment raises another $65 million to build the modern business planning platform

French startup pigment has raised another round of funding less than a year after raising a $73 million Series B round. If you...

Tech investor Chris Ridd returns to the C-suite seat as CEO of EventsAir

Former Xero CEO, corporate director and tech investor Chris Ridd has returned to the startup coalface as the chief executive of Brisbane venture EventsAir. Ridd,...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

The world’s largest electric car manufacturer BYD saw its shares plunge nearly 13 percent after billionaire on Wednesday Warren Buffett‘s Berkshire Hathaway has reduced its stake in the company.



Berkshire sold 1.33 million shares in the automaker (less than 1 percent of its stake) in BYD for about $47 million, according to a filing with the Hong Kong Stock Exchange, Nikkei Asia reports.

There is much speculation that Buffett will soon sell his entire stake in BYD.

The sale came as BYD this week reported better-than-expected results for the first half of the year, with revenue of $21.7 billion, nearly 66 percent up on the same period last year.

The sale of Buffett’s stock came as for the first time, China’s BYD Auto became the top-selling EV brand, dethroning Elon Musk-run Tesla in Q2 2022.

During the second quarter, BYD Auto shipped more than 354,000 EV units, up 266 percent year-over-year.

According to Counterpoint Research, the company officially stopped manufacturing and selling combustion engine vehicles in March 2022 and has focused on developing BEVs and PHEVs.

More than 60 percent of BYD’s revenue during the quarter came from its top three models: BYD Song, BYD Han and BYD Qin.

The company is slowly penetrating the European market. It has already started operations in Norway and is looking for operations in Germany, Sweden and the Netherlands.

China remained the market leader in electric vehicle sales, followed by Europe and the US.

Electric vehicle sales in China rose nearly 92 percent year-on-year to 1.24 million units, from just 0.64 million units in the second quarter of 2021.

ALSO SEE:

States can now get chana dal at a discount for their social security schemes

iPhone 14 Pro models likely to come with a new ultra-wide camera

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Rapper Coolio dead at 59

LOS ANGELES - Rapper Coolio, known for hits such as 'Fantastic Voyage' and 'Gangsta's Paradise', has died at the age of 59, his manager...

Tesla appoints Airbnb co-founder to board • londonbusinessblog.com

Tesla has appointed Airbnb co-founder and billionaire Joe Gebbia to its board of directors, according to a securities filing. Gebbia, a designer who is co-founder...

Pigment raises another $65 million to build the modern business planning platform

French startup pigment has raised another round of funding less than a year after raising a $73 million Series B round. If you...

Tech investor Chris Ridd returns to the C-suite seat as CEO of EventsAir

Former Xero CEO, corporate director and tech investor Chris Ridd has returned to the startup coalface as the chief executive of Brisbane venture EventsAir. Ridd,...

Automatic emergency braking is not so good at avoiding collisions at normal speeds

Automatic emergency braking (AEB) is pretty good at preventing low-speed rear-end collisions, but sucks when vehicles are traveling at higher average speeds, according to...