Tesla is losing EV race to Buffett-backed BYD

<img width="250" height="187" src="https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Tesla-is-losing-EV-race-to-Buffett-5661135728-iStock-1493812433-250×187.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Tesla-is-losing-EV-race-to-Buffett-5661135728-iStock-1493812433-250×187.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Tesla-is-losing-EV-race-to-Buffett-5661135728-iStock-1493812433-700×525.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Tesla-is-losing-EV-race-to-Buffett-5661135728-iStock-1493812433-768×576.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Tesla-is-losing-EV-race-to-Buffett-5661135728-iStock-1493812433-120×90.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Tesla-is-losing-EV-race-to-Buffett-5661135728-iStock-1493812433-245×184.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Tesla-is-losing-EV-race-to-Buffett-5661135728-iStock-1493812433-500×375.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/12/FIN-LP-Tesla-is-losing-EV-race-to-Buffett-5661135728-iStock-1493812433.jpg 1183w" sizes="(max-width: 250px) 100vw, 250px" /><p>According to Bloomberg, China-based BYD is expected to achieve this milestone in the current quarter. China, now a key contender in global passenger car exports, shipped 1.3 million <a href="https://www.leaprate.com/forex/market-news/tesla-rolls-out-more-evs-in-china-ahead-of-global-target-reviews/" target="_blank" rel="noopener">EVs</a> out of 3.6 million total vehicles as of October this year. Despite BYD being relatively unknown outside China, its success is evident through substantial investments, including Warren Buffett&#8217;s Berkshire Hathaway, which has held an almost 15% stake since 2008.</p>
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<p>The legendary investor started publicly reducing its stake in BYD in August this year. It previously had a 20.5% stake in the EV manufacturer. Buffett’s remaining stake – 164 million shares – is thought to be valued at north of $4bn. Buffett’s selling also had a significant impact on BYD’s stock price, which is up 8.4% year-to-date and down 12.5% in the last three months. Berkshire’s senior officials said in the past that their BYD investment is mostly a way to increase exposure to EV batteries.</p>
<p>BYD’s milestone comes as global manufacturers are welcoming an uptick in demand for cars. According to the latest data, Toyota is set to keep its title as the world’s best-selling carmaker as its sales jumped 12% year-over-year to nearly 1 million units for the month of November. In China, Toyota also witnessed sales rise 17% to 164,524 units, while production was up 14%.</p>
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