BYD, the world’s largest electric-vehicle maker, is targeting a 20 per cent increase in sales this year, just a third of last year’s tally, as overcapacity concerns and a price war loom over the sector in mainland China.

The Shenzhen-based company expects to complete its share repurchase scheme within 12 months of the plan’s approval by shareholders.

The Warren Buffett-backed carmaker has stepped up its pace of overseas expansion amid an ongoing price war and slowing sales at home.

The Warren Buffett-backed carmaker is accepting bookings for the 1.68 million yuan (US$233,400) supercar with a deposit of 300,000 yuan. Deliveries are expected to start in the summer.

The world’s largest electric car maker expects earnings for 2023 to jump by as much as 86.5 per cent, buoyed by record deliveries. Its profitability, however, remains far behind rival Tesla because of the American giant’s bigger profit margins.

The Shenzhen-based carmaker’s global fourth-quarter deliveries rose 22 per cent from the previous quarter, surpassing Tesla’s total by about 41,000 EVs.

BYD said it is actively seeking to tap overseas markets and that its global expansion will pick up after sales stagnated at about 302,000 units in the past two months.

Charlie Munger, a former lawyer, was Warren Buffett’s deputy at Berkshire Hathaway. He was a value investor who believed in long-term investments and companies’ intrinsic value.

Munger was known for steering Buffett away buying ‘cigar butts’ – mediocre firms at very cheap prices – and instead favouring quality over quantity.

BYD, the world’s largest electric vehicle (EV) maker, reported on Monday its highest ever quarterly profit, buoyed by surging deliveries and a cost-cutting campaign.

BYD, the world’s largest EV maker, expects its third-quarter earnings to hit an all-time high after it delivered a record number of cars to Chinese consumers.

The Warren Buffett-backed carmaker’s joint venture UzAuto will start producing EVs in the southeastern Uzbek city of Jizzakh from next year. The cars will also be exported to other Central Asian countries.

The Rolling Stones frontman recently revealed he won’t be leaving his US$500 million fortune to his 8 kids – so which other mega-wealthy celebs share the same sentiment towards their offspring?

At this year’s Allen & Co. event, billionaires and CEOs strolled between conference sessions decked out in ‘stealth wealth’ fashion, from casual wear to subtle branding

Great Wall Motor and BYD, two major carmakers in mainland China, have accelerated the development and production of expensive electric vehicles, aiming to carve out their own niches as competition in the market escalates.

The share sale on May 2 has reduced Berkshire’s holding in Shenzhen-based BYD to 9.87 per cent from 10.05 per cent in August last year.

Investment tycoon Warren Buffett said he is more comfortable with Berkshire Hathaway Inc deploying capital in Japan than Taiwan, reflecting the growing tensions between the United States and mainland China.

The carmaker reported that net profit fell to 4.13 billion yuan (US$596.28 million) in the first quarter, down from 7.3 billion yuan in the fourth quarter as potential buyers anticipated bigger price cuts.

The Warren Buffett-backed company cut the price of its Seagull model below the level that already attracted 10,000 pre-orders in 24 hours.

The share sale on March 31 has reduced Berkshire’s holding to 10.9 per cent from 19.92 per cent in August, when it started paring its stake in the Shenzhen-based carmaker for the first time in 14 years.

‘Some players will be eliminated, while some will grab a bigger market share,’ says Wang Chuanfu, founder, chairman and president of Chinese carmaker BYD.

New plant in Wenzhou, in east China’s Zhejiang province, will produce enough batteries to power 200,000 electric cars per year.

Warren Buffett’s Berkshire Hathaway trimmed its stake in BYD for the seventh time as the stock slipped more than 39 per cent from its peak in June 2022 and this year’s rally bypassed the EV maker.

Warren Buffett broke with his practice of staying out of local politics to urge his hometown of Omaha to abandon its planned tram project because he says it’s too expensive and not as flexible as buses.

The Shenzhen-based company, backed by Warren Buffett’s Berkshire Hathaway, confirms it is looking into building local factories in Europe, but did not reveal a timeline, locations or capacities.

Tesla is offering Chinese customers another discount of 6,000 yuan (US$859) to bolster sales of its Shanghai-made vehicles, six weeks after it cut prices by up to 9.4 per cent.