BYD Rises After Report Electric Cars Exempted From Usage Tax
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BYD Co., the automaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., rose to a two-month high in Hong Kong after the People’s Daily today reported China’s government will exempt three of the company’s electric car models from vehicle-usage tax charges.
BYD gained as much as 6.7 percent to HK$22.20, the highest intraday level since Nov. 15, before changing hands at HK$21.50 as of 1:45 p.m. in Hong Kong. The stock has risen 28 percent this year, compared with a 3.1 percent increase in Hong Kong’s benchmark Hang Seng Index.