Warren Buffett is a smart man and is one of the richest men in the world he knew how to make a solid investment or two. With the advent of electric cars among us, many people think that Tesla is the only game in town, but this is not the case. Nine years ago there was another company born, and Warren Buffett is a major investor in that company. BYD is Chinas answer to Tesla, and when China recently said that they are going to be banning all fossil fuel cars in the future the stock shot up %55.
China is ready to get the gasoline cars off of their streets, and they are taking the electric car business really serious. There was also the Geely company, which is also a force in China as well. BYD looks to make some serious inroads into Tesla’s business, and if Warren Buffett has his way the company will be over here in America soon as well. Warren Buffett famously said that the BYD company was actually Charlie Munger’s idea, and this goes to show how well their friendship works. They are able to make some of the best investments in the industry, and now they look to be riding the wave of electric cars. Warren Buffett is standing behind BYD and has said that the company is the future of electric vehicles.
Elon Musk and Tesla will need to step up with some new products because Warren Buffett is known for running successful companies. Warren Buffett is standing behind the wave of electric cars, and his BYD stock is on fire in China on the heels of their recent announcement. This also goes to show Warrens ten year philosophy, which he has taught investors over and over again about holding onto their investments.