Buffett-backed BYD trounces Tesla in China
The U.S.-listed shares of Warren Buffett-backed BYD have gained 8.5% over the past month versus a 40% slump for Tesla. They’ve also beaten a gauge of global EV makers, which has fallen 12%, and outperformed domestic peers Li Auto Inc. and Nio Inc.’s EV sector and say the firm is poised to become a key beneficiary as the nation reopens its economy.
Still, BYD appears to have overcome many of those obstacles. Its production and sales volumes of new-energy vehicles tripled in a year despite the nation’s Covid Zero policy sparking sporadic and protracted citywide lockdowns. All those gains are coming at Tesla’s loss, particularly as it tries to gain a stronger foothold in China too. Shares of’s company sank 65% last year, dragged lower by his takeover of Twitter Inc. The shares on Tuesday suffered their biggest daily drop since 2020 after it missing delivery estimates for the third consecutive quarter despite offering hefty discounts to Chinese consumers.
“Tesla’s recent misses on performance and production have compounded demand concerns in the market,” said Christina Woon, investment director for Asian equities at abrdn plc. “This is also why people have been rather lukewarm towards the industry despite healthy backlogs in some names.”
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