Buffett-Backed Electric-Vehicle Maker BYD Raises Almost $4 Billion
Chinese electric-vehicle (EV) maker BYD (OTC: BYDDY) has raised $3.9 billion by selling new shares on the Hong Kong market, according to The Wall Street Journal. The automaker initially planned to raise $3.6 billion, but increased the offer, taking advantage of high investor interest in the sector.
Other growing Chinese EV companies, including NIO (NYSE: NIO) and XPeng (NYSE: XPEV), have also recently raised fresh capital as stock prices have soared. XPeng raised almost $2.5 billion last month, while NIO has added more than $4.5 billion to its balance sheet since December in two separate offerings.
Source Fool.com
