Buffett-Backed BYD Trounces Tesla as China Economy Reopens
- BYD new-energy vehicle deliveries surpassed Tesla’s in 2022
- Chinese carmaker seen as beneficiary of country’s reopening
Investors view BYD as a bellwether for China’s EV sector.
Photographer: Nathan Laine/BloombergWhile shares of Tesla Inc. are melting down lately on demand concerns, Chinese rival BYD Co. is on a tear as investors applaud its record sales year and widening footprint in the world’s biggest electric vehicle market.
The US-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.
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Buffett-Backed BYD Trounces Tesla as China Economy Reopens