To The Moon

BYD (BYDDF)$BYD Co., Ltd.(BYDDY)$record sales

Warren Buffett-backed BYD’s net income rose to the top end of guidance it gave last month as record output and sales shielded China’s biggest electric-vehicle maker from Covid disruptions and supply-chain pain. Net income in the six months through June tripled from a year earlier to 3.6 billion yuan ($521 million), the Shenzhen-based company said in a filing. BYD sold more new energy cars in the first seven months of this year than in 2020 and 2021 combined. The group’s share of China’s electric car market reached 24.7% in the first half.

On Monday, BYD reported it sold 355,021 new energy vehicles (NEVs), ballooning 256% year-over-year, in the second quarter. It also increased 24% compared to the 286,329 deliveries in the first quarter. NEVs include fully electric vehicles, plug-in hybrids and fuel-cell vehicles.

BYDDF is one of the world's top EV producers. It produces electric cars and buses along with a line of hybrids. Warren Buffett's Berkshire Hathaway (BRKB) has bet big on BYDDF, owning more than 20% of the company. Cathie Wood's Ark Innovation ETF (ARKK) also owns a small stake.

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