HONG KONG, Dec 13 (Reuters) - Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.33 million Hong Kong-listed shares of electric vehicle maker BYD(002594.SZ)for HK$267.69 million ($34.43 million), a stock exchange filing showed.
The sale lowered Berkshire's holdings in BYD's total issued H-shares to 14.95% on Dec. 8, down from 15.07%, according to a filing to the Hong Kong Stock Exchange on Tuesday.
Sime Darby is set to invest 500 million ringgit (US$113.7 million) to expand BYD Co.'s showroom in Malaysia.
Sime Darby's automotive arm, Sime Darby Motors, will be BYD's exclusive distributor in Malaysia, with the first showroom planned to open by mid-December, the companies said in a statement Thursday.
They plan to increase showrooms across the country to 20 by end of next year and to 40 in 2024.
This is "set to be game-changer to spur electric vehicles' adoption among Malaysians," Sime Darby Motors Managing Director Andrew Basham said.
Sime Darby will be distributing BYD's fully electric Atto 3 priced at MYR149,800 and MYR167,800 for versions with standard range and extended range, respectively.
Tesla is getting passed in the fast lane by China's BYD. Elon Musk may want to do something about that.
On Thursday, retail car sales data became available for November from the Chinese Passenger Car Sales Association. Almost 600,000 new energy vehicles were sold in China this past month, up about 58% year over year.
New energy vehicle sales in China include battery-electric vehicles and plug-in hybrids. Roughly 400,000-plus of the NEV sales in November were all battery-electric models -- the kind Tesla (ticker: TSLA) makes.
Tesla produced a record 100,291 cars from its Shanghai plant in November. About 62,493 were sold domestically with the rest exported to Europe.
Meanwhile, BYD (1211.Hong Kong) sold about 114,000 battery-electric vehicles in November.
Year to date, Tesla's Chinese battery-electric share is stable, at about 11%, up one percentage point from the same span in 2021. That is a solid performance from Tesla, but BYD's comparable market share year to date is 23%, almost double from the 12% share earned over the same span of 2021.
BYD did it by expanding production of lower price EVs. The average price of all BYD vehicles, including buses, has averaged roughly $35,000 in 2022, down from $49,000 in 2021.
The same calculation for Tesla generates sales per vehicle of about $63,000 in 2021, up from $58,000 over the same span in 2021.
The movement in market share generated by the lower price vehicles is "the strongest argument yet why [Tesla] needs a standalone [$30,000] EV ASAP in China," said Future Fund Active ETF $(FFND)$ co-founder Gary Black on Twitter Thursday. Black's fund holds Tesla stock.
A lower-priced vehicle will help expand Tesla's addressable market.
Musk says that a lower-price car is a priority for his company, but Tesla also is working on Cybertruck and a self-driving robotaxi. He might want to bump the cheaper Tesla to the top of the development list.
It could be a needed catalyst for shares. Tesla stock is down about 52% year to date, battered by a combination of rising interest rates, inflation, competition, and Musk's own distraction with his Twitter purchase.
Chinese automaker Geely's premium electric car brand Zeekr files for U.S. IPO Reuters
2022-12-13 17:25
GEELY AUTO -0.83% Dec 13 (Reuters) - China's Geely Automobile on Tuesday said its upmarket electric car brand, Zeekr, had confidentially filed for a U.S. initial public offering on Dec. 7, in what would be the first major Chinese float in the United States in over 1-1/2 years.
Removal of China's EV Subsidies Likely to Hurt Sales Next Year -- Market Talk Dow Jones
2022-12-13 12:55
China +1.50% Post Weichai Power Co.,Ltd. -1.01% 0455 GMT - The expiration of China's subsidies for new energy vehicle purchases in 2023 will likely lift sales this month, due to the last-minute purchases, before sales likely decline next year, say Ken Lee and Jessie Guo, analysts from UOB Kay Hian in a research note. The analysts maintain an underweight rating on the sector, citing the removal of the subsidies. UOB downgraded Geely and Li Auto to hold from buy and XPeng and Weicha to sell from hold as the latter two companies' stock prices have risen well above their target prices. Shares of Geely and Li Auto were last at HK$12.28 and HK$82.45 respectively. Shares if XPeng and Weichai were last at HK$41.45 HK$10.86
Turtle eyes in power for 17 months and appointed 117 politicians to add to the existing 115 from Moo......how lah.......tu kerja macam Marty Byrde......
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Mikecyc
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Posted by Mikecyc > 2022-12-15 13:35 |
Post removed.Why?