BYD soars 16pc as orders sizzle for new car

Business | Kevin Xu and Reuters 14 Jul 2020

Shares of BYD (1211) soared 16.17 percent to HK$89.8 yesterday after media reports that the Shenzhen-based electric carmaker backed by Warren Buffett had received 20,000 orders for its latest electric flagship car model Han.

This indicates Buffett earned over HK$18 billion on paper by investing in BYD for 12 years.

In 2008, Buffett purchased a stake of approximately 10 percent in BYD at HK$8 a share.

The BYD Han hit the market on July 12 and was available for presale, with prices ranging from 230,000 yuan (HK$254,695) to 280,000 yuan.

BYD sold a total of 158,628 units of vehicles during the first six months this year, a drop of 30.45 percent from a year ago.

The company's total mobile sales last month were 33,725 units, including 14,165 new energy vehicles and 19,560 oil-fueled vehicles.

The car manufacturer's net profit fell 42 percent to 1.61 billion yuan for 2019, with revenues mostly unchanged.

BYD is to supply EV batteries to US automaker Ford Motor, a document on the website of the Ministry of Industry and Information Technology showed last month.

Ford's China venture with Changan Automobile is seeking government approval to build a plug-in hybrid model equipped with BYD batteries, according to the document.

This marks BYD's first known deal with a major global automaker.

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