3 Reasons This Warren Buffett-Backed EV Maker Is a Better Buy Than Tesla
Tesla's (NASDAQ: TSLA) rise to the top of the electric vehicle (EV) industry was nothing short of spectacular. But there is a new top dog in the industry. And it's making Warren Buffett and his conglomerate company Berkshire Hathaway (NYSE: BRK.A) look like savants yet again when they invested in this company back in 2008.
The automaker is BYD (OTC: BYDDY) -- short for Build Your Dreams. It was founded in 1995 and, despite a long history of building gasoline-powered cars, the company announced this April that it will be changing to only EV production.
So far it looks like the move has paid off. At the beginning of the month, a company filing with the Hong Kong Stock Exchange shed light on just how well production was in the first half of 2022. The numbers showed that BYD sold roughly 641,000 cars in the first six months of 2022. This came in as the most electric car sales by any company in the world; the next closest was Tesla at 564,000.
Source Fool.com
