Who's the EV Stock Leader? Warren Buffett Says There Isn't One
Berkshire Hathaway held its annual shareholder meeting last weekend, and some 40,000 people attended the event to hear CEO Warren Buffett and Vice Chairman Charlie Munger talk about business and the broader economy. The esteemed duo discussed everything from recent bank failures to artificial intelligence (AI), and Buffett provided some particularly interesting insight on the auto industry.
Specifically, Buffett said intense competition makes it difficult to identify a long-term winner in the electric vehicle (EV) sector at the present time, and he opined that any EV leadership in the future could be fickle, much like leadership among legacy automakers has been fickle in the past. Buffett made his point by referencing the rise and fall of the Ford Model T: "Henry Ford looked like he owned the world with the Model T... and 20 years later [Ford was] losing money."
Suffice it to say Buffett finds the auto industry tricky, and given his sterling track record as an investor -- Buffett has amassed a $100 billion fortune, and Berkshire has become one of the world's largest companies under his watch -- that insight should not be cast aside lightly.
Source Fool.com
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