Berkshire Hathaway is controlled by Warren Buffett, who is chairman and chief executive of the company which owns a range of companies, including GEICO and NetJets, a substantial stake in Heinz, and has stakes in American Express, Procter & Gamble and IBM. The company is noted for outperforming the stock market under the leadership of Buffett, a value investor.
Great Wall Motor and BYD, two major carmakers in mainland China, have accelerated the development and production of expensive electric vehicles, aiming to carve out their own niches as competition in the market escalates.
The share sale on May 2 has reduced Berkshire’s holding in Shenzhen-based BYD to 9.87 per cent from 10.05 per cent in August last year.
Investment tycoon Warren Buffett said he is more comfortable with Berkshire Hathaway Inc deploying capital in Japan than Taiwan, reflecting the growing tensions between the United States and mainland China.
The carmaker reported that net profit fell to 4.13 billion yuan (US$596.28 million) in the first quarter, down from 7.3 billion yuan in the fourth quarter as potential buyers anticipated bigger price cuts.
The Warren Buffett-backed company cut the price of its Seagull model below the level that already attracted 10,000 pre-orders in 24 hours.
The share sale on March 31 has reduced Berkshire’s holding to 10.9 per cent from 19.92 per cent in August, when it started paring its stake in the Shenzhen-based carmaker for the first time in 14 years.
‘Some players will be eliminated, while some will grab a bigger market share,’ says Wang Chuanfu, founder, chairman and president of Chinese carmaker BYD.
New plant in Wenzhou, in east China’s Zhejiang province, will produce enough batteries to power 200,000 electric cars per year.
Warren Buffett’s Berkshire Hathaway trimmed its stake in BYD for the seventh time as the stock slipped more than 39 per cent from its peak in June 2022 and this year’s rally bypassed the EV maker.
Warren Buffett broke with his practice of staying out of local politics to urge his hometown of Omaha to abandon its planned tram project because he says it’s too expensive and not as flexible as buses.
The Shenzhen-based company, backed by Warren Buffett’s Berkshire Hathaway, confirms it is looking into building local factories in Europe, but did not reveal a timeline, locations or capacities.
Tesla is offering Chinese customers another discount of 6,000 yuan (US$859) to bolster sales of its Shanghai-made vehicles, six weeks after it cut prices by up to 9.4 per cent.
Tesla delivered a record 100,291 vehicles in November from its Shanghai Gigafactory on the back of an expanded capacity and cut in prices.
Billionaire investor donated Berkshire Hathaway stock to four foundations run by his family, but the recipients did not include the Bill & Melinda Gates Foundation.
Premium electric-carmakers in China are bearing the brunt of a slowdown, with some players cutting prices to survive cutthroat competition.
Most of China’s top carmakers neither have plans in place to phase out conventional vehicles nor a detailed timetable for their net-zero targets, Greenpeace says.
US investor Warren Buffett, who long shied away from the tech industry because he said he did not understand it, has made a US$5 billion bet on chipmaking with a stake in TSMC.
Strong sales of the D9 MPV from the joint venture between BYD and Mercedes-Benz shows that a growing number of Chinese drivers are making the switch to battery-powered vehicles.
Shenzhen-based BYD, which recently became the world’s biggest EV maker, sees its record-breaking third-quarter sales thrash its US rival’s by 57 per cent as Chinese motorists make the switch to battery-powered vehicles at the lower end of the price spectrum.
Nio plans to enter the US market in late 2025 and launch more affordable models to compete against the likes of Tesla’s Model 3 and Model Y.
The expansion of its industrial estate in Shen-Shan Special Cooperation Zone will cost 20 billion yuan (US$2.9 billion) and aims to generate annual sales of 100 billion yuan when it becomes operational next summer.
A dispute between prospective buyers and BYD’s Australian distributor over warranty terms isn’t big enough to be fatal for China’s biggest electric-car maker, but it highlights the varying expectations and cultural challenges that moving into new markets entails.
BYD signed a land purchase deal on Thursday with Thai industrial-estates developer WHA Corp to build its first electric vehicle plant in Southeast Asia.
BYD, the Chinese carmaker that recently overtook Tesla’s as the world’s largest EV maker, has boosted its go-global ambitions by sending its first shipment of 1,000 Atto 3 SUVs to Australia.
Following the sell-off in BYD, investors are concerned that some green energy bets have become crowded, while others say that price gains are unsustainable.
BYD, the Chinese carmaker backed by Warren Buffett’s Berkshire Hathaway, has overtaken Elon Musk’s Tesla as the world’s biggest EV producer by sales.
Tens of thousands of investors packed an Omaha arena to listen to Buffett and Berkshire’s vice-chairmen answer questions at the company’s annual meeting that was back in person for the first time since the pandemic began.
Buffett, 91, has a 32 per cent voting interest in the company, and while he has given no indication his departure is imminent, succession questions have long loomed over Berkshire.
Long-time China bull Charlie Munger said the US and China should not have allowed tensions to escalate and called cryptocurrency ‘beneath contempt’.