From Fortune:

BYD, backed by Warren Buffet, has become the top Chinese car manufacturer, surpassing Volkswagen in December sales and boasting 12% market share. Berkshire Hathaway invested in BYD in 2008, with Buffett selling off shares for over $2.5B by 2023.

Volkswagen is facing challenges in the global market, particularly due to a recession in Germany and persistent inflation. The competition from Chinese auto producers, benefiting from government subsidies, is making it difficult for Volkswagen to remain competitive worldwide.

China leads the global EV industry, producing 64% of the world’s EVs and selling 59% of all new EVs in 2022. Chinese automakers, including BYD, are dominating the industry and are now leading the global market.

BYD has become the world’s largest EV seller, overtaking even Tesla. BYD, priced affordably, has the potential to enter the American market soon, despite the 27.5% tariff on Chinese-made EVs. However, the EU has launched a probe to evaluate whether Chinese automakers are unfairly benefitting from subsidies in the export market.



Read more: Volkswagen passed as top car maker in China by Warren Buffett-backed BYD