Warren Buffett-Backed BYD’s EV Sales Soar To Record In September

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China-headquartered EV maker BYD, backed by Warren Buffett’s Berkshire Hathaway, said on Monday that sales of new energy vehicles nearly tripled to 201,259 in September from a year earlier, underscoring the popularity of EVs in the world’s largest auto market.

The company’s sales jumped 250% year-on-year to 1.18 million EVs in the first nine months of the year, which shook the industry’s disruption from the COVID-related lockdowns in Shanghai on the strength of its in-house sales in the second quarter. battery supply. Although not a household name globally like Tesla, BYD has expanded overseas this year with efforts in Japan and Thailand.

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Smaller China EV makers Nio and Li Auto also reported year-over-year sales gains in September.

BYD’s overall business is more diverse than that of its competitors — it also makes handset components and photovoltaics. Its customers are Dell, Apple, Xiaomi and Huawei. Warren Buffett’s Berkshire Hathaway holds about 7% in BYD, which earlier this year ranked 579th in the Forbes Global 2000 ranking of the world’s top publicly traded companies.

BYD President Wang Chuanfu has a net worth of $19 billion on the Forbes real-time billionaires list today. BYD vice chairman Lu Jiangyang, a cousin of Wang, who also leads investment firm Yangi Investment Holding, is worth $15 billion, and BYD director Xia Zuoquan, who leads investment firm Zhengyuan Capital, said The price is $3 billion.

China has the largest number of billionaires in the world after the United States.

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@rflannerychina

Credit: www.forbes.com /

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