Key Sentence:
- Sales of New Energy Vehicles at BYD, the Chinese auto and battery maker backed by Warren Buffett’s.
Berkshire Hathaway, Warren Buffett quadrupled year-on-year in August. The latest in a series of reports highlighting the rapid demand for electric vehicles worldwide.
BYD’s headquarters in Shenzhen sold 61,409 new electric vehicles last month, up from 15,283 a year earlier, the company tell in a statement late Friday.
In the first eight months of this year, 266,480 New Energy Vehicles were sold, 192.6% more than the previous year.
China’s pioneers Warren Buffett in the electric vehicle industry are facing a global chip shortage and increasing competition from local, new entrants such as NIO and XPeng, and Tesla, which China has invested in. BYD’s net profit for the first six months of the year fell 29 percent to 1.17 billion yuan, or $180 million, amid rising material costs, the company said last month. However, sales rose 53.6% to 89.1 billion yuan.
BYD’s business is more diversified than its competitors – it also makes headphones and photovoltaic components. Its clients include Dell, Apple, Xiaomi, and Huawei; its Hong Kong-traded shares were up 240% last year, closing at HK$254.40 on Friday.
Wang is now worth $21 billion on Forbes’ list of real-time billionaires.