At least two prominent billionaires believe the arrival of self-driving cars will eventually spell the end of the auto insurance industry. Speaking on CNBC's "Squawk Box" on Monday morning, Warren Buffett and Bill Gates said they believe autonomous vehicles will upend car insurers.
Well how's that for an about-face? It was not even two weeks ago that we were reporting on Warren Buffett's praise for General Motors' CEO Mary Barra and her handling of the ignition switch recall. That hasn't stopped Buffett's company, Berkshire Hathaway from unloading shares during the first quarter of 2014. It's trimmed its shares by 25 percent, to 30 million shares, during the first quarter of 2014.
When Warren Buffett, one of the richest and most successful men on the planet, endorses the work you're doing, well, praise doesn't get much higher than that. In the case of embattled General Motors' CEO Mary Barra, we're sure Buffett's approval of her handling of the ignition switch recall is a nice change from the public criticism she's received since the scandal erupted.
Chinese automakers have been making noise about entering the North American market for years, stretching back a decade or more. A combination of factors – from the disjointed nature of the Chinese auto industry to lingering quality issues – have kept that from happening, but the day when Chinese cars roam the Great American Road may finally be upon us.
Omaha, we have a problem. BYD, the China-based vehicle maker that's about 10 percent owned by Warren Buffett ("The Oracle of Omaha") is facing questions about the reliability of electric buses that are targeted for use by the city of Long Beach, CA, after cracks were found in some of the buses' frames during their testing period, according to the Long Beach Business Journal. The culprit may be substandard welding on the so-called "engineering" buses specifically being used for strength testing b
Sometimes building the dream involves a little un-building and renovation. Such is the case with China's BYD (an acronym for Build Your Dreams) that, two years ago, made Warren Buffet a billion dollars in profit and made its chairman Wang Chuanfu the richest man in China, but by the end of last year was freefalling into dismal sales, following that up this year with dismal revelations and an even more dismal IPO.
Chinese automaker BYD, backed by U.S. billionaire Warren Buffett, says its net profit for the first quarter of 2011 fell 84.4 percent year-on-year. In a filing last Wednesday, BYD reported its 2011 Q1 net profit of 266.74 million yuan ($41.2 million U.S. at the current exchange rate), compared to 1.70 billion yuan ($263 million U.S.) for the first quarter of 2010.
With all of the delays and cancellations, you might think that someone who's invested $230 million into BYD would be a little worried. This is not the case with U.S. billionaire Warren Buffett, who told Reuters recently that he expects green cars to provide him with a "sizable profit" in about five years. Buffett's investment helped push BYD's stock up to a 52-week high of HK$84 (about $10.80 U.S. at today's exchange rates) but the stock closed at HK$42.6 ($5.48) yesterday. Buffett said BYD's fo
Wang Chuanfu (above), the founder of Chinese battery manufacturer and automaker BYD is reportedly the richest man in all of China. Already a wealthy man, Bloomberg reports that Chuanfu has jumped a startling 102 places to land himself atop Hurun Rich List, an annual wealth index chronicling the country's richest people.