Warren Buffett-backed Chinese EV maker BYD has seen $18 billion in value wiped out amid Tesla's price war
In the US, Tesla cut the prices of its two most expensive models at the weekend, according to its website. The move — the fifth time it has reduced the cost of its vehicles in 2023,Shares of BYD listed in Hong Kong and Shenzen, China have dropped around 13% since February 1, similar losses to those in the US. back in 2008, at a price of around $1 a share.
BYD's stock price has skyrocketed nearly 60-fold since then, even after the recent losses — meaning Berkshire has still made roughly $13 billion, or a 5,500% gain, on its initial investment. "I have never helped do anything at Berkshire that was as good as BYD," Buffett's right-hand man Charlie Munger said during"That's a pretty good rate of return," he added, referring to the conglomerate's 55-fold gains trading the stock.
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