Bye, bye BYD for Buffett? *UPDATE
Such is the case with Buffett's 10-percent stake in Chinese automaker BYD, which has made strong moves in the battery electric car segment and has signaled plans to enter other lucrative markets outside of China. Nobody is going to say that Buffett's investment in BYD hasn't been a success, considering that the $230 million he initially spent is now worth $1.6 billion, but even that huge sum is far short of the $2.5 billion peak his share was worth last October.
Now comes news that Buffett, along with fellow billionaire Bill Gates, is visiting China and has three stops planed at various BYD facilities. Some believe Buffett may deliver some harsh news for BYD or even cash out his investment entirely. What might that mean for BYD, and will we ever see its electric vehicles here in the States? We should find out soon enough.
*UPDATE: Fresh from the that-didn't-take-long department, Buffett has made a strong statement of support for BYD. According to Automotive News (sub. req.), he said, "BYD is a young and promising company experiencing dynamic growth. BYD will play a leading role in the future."
[Source: Reuters via All Cars Electric]
- Biggest automotive sales disappointments
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models