Buffett's China Rival in Buses Says It Doesn't Need U.S.
- Zhengzhou Yutong chairman prefers markets ‘friendly to China’
- Yutong reports more than 20 straight years of higher profits
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Warren Buffett’s rival in the electric-bus business is ceding potential U.S. sales to the billionaire’s BYD Co., saying there are enough profits to make in countries that are more welcoming to Chinese products.
Tang Yuxiang, chairman of Zhengzhou Yutong Bus Co., said the world’s biggest bus maker has vehicles in more than 130 markets outside the U.S. -- including Singapore, Russia and Saudi Arabia. That helped power a revenue increase of 15 percent last year, extending the company’s streak of higher profits to 21 straight years since he took charge.