BYD, the Only Electric Vehicle Stock Owned by Warren Buffett
[Asia Economy Reporter Kang Wooseok] BYD (比亞迪·BYD), a leading Chinese electric vehicle company, sold over 640,000 units in the first half of this year, surpassing established players like Tesla to become the world's top seller of new energy vehicles (electric vehicles, hybrid vehicles, and hydrogen vehicles).
According to foreign media such as the UK's Financial Times (FT) and China's Jiemian News, BYD sold 641,350 new energy vehicles in the first half of this year, a 315% increase compared to the same period last year.
BYD's new energy vehicle sales exceeded 100,000 units monthly for four consecutive months starting in March, and in June, it recorded an all-time high of 134,771 units.
China's Guoren Securities analyzed that the strong performance was driven by a rapid increase in sales of both pure electric vehicles, which have maintained the number one market share in China, and plug-in hybrid vehicles.
Benefiting from the Chinese government's new energy vehicle support policies such as subsidies and acquisition tax reductions, as well as having a production plant in Changsha, Hunan Province, BYD was less affected by the Shanghai lockdown caused by the COVID-19 outbreak, which is also cited as a factor in its improved performance.
Jeff Cheng, an automotive analyst at the renowned investment bank Citigroup, said, "BYD's rapid progress is remarkable. The performance of their electric vehicles is also impressive." Tullier Sino Auto Insights Executive Director said, "Chinese electric vehicle companies like BYD are preparing to enter the U.S. market."
On the other hand, Tesla suffered significant setbacks such as factory shutdowns due to the Shanghai lockdown, resulting in sluggish sales. According to major foreign media reports on the 2nd (local time), Tesla sold 254,695 units in the second quarter of this year, a 17.9% decrease compared to the previous quarter (310,048 units).
Reports estimate Tesla's sales volume for the first half of this year at 564,743 units, which is about 76,000 units fewer than BYD's new energy vehicle sales. Tesla is scheduled to announce its second-quarter earnings on the 20th (local time).
Meanwhile, BYD is also known as the only electric vehicle company Warren Buffett has invested in. Buffett has not invested in Tesla.
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