Another award for “superinvestor” Warren Buffett: Chinese automaker BYD quintuples profits | News

In total, BYD, wholly dubbed “Build Your Dream”, has sold 550,000 vehicles worldwide. One in five of these products has been sold outside of China, with the remainder domestically. This made BYD the market leader in China, a position Volkswagen has held since at least 2008. BYD also sells a number of models on the Belgian market and has a showroom in Zaventem.

BYD’s sales increased nearly 80 percent to 120 billion yuan, turning in just under 16 billion euros. This resulted in a profit of €541 million.

BYD wants to manufacture between 3 million and 3.7 million electric vehicles throughout 2023. The company, in which “big investor” Warren Buffett is a major shareholder, also makes electric buses and trucks. In addition, BYD also makes batteries for other auto manufacturers. For example, the first electric Toyota models have batteries and electric motors from the Chinese company.

Warren Buffett (92 years old) is one of the richest people in the world. So it appears that his investment in BYD, which he made years ago, has been successful. BYD, which also makes solar panels, household batteries, trains, buses, and trucks, among other things, was founded in 1995. Today it has 290,000 employees and more than forty locations around the world. According to “Bloomberg”, the brand overtook German auto group Volkswagen as the best-selling auto brand in China for the first time during the first quarter of this year.

At the end of October last year, BYD launched its Belgian activities. The car manufacturer then indicated that it was aiming to sell 2,000 cars in Belgium this year, 90 percent of which are commercial vehicles. BYD currently offers three models in our country and has recently presented two more that will be available from summer.

Principal investor Warren Buffett boasts that his strategy has remained the same for 60 years: hunt for deals. He once wrote in a letter to his fellow shareholders: “I would rather buy great companies at a reasonable price than underperforming companies at an affordable price.”