(BRK.A), (BRK.B)
Berkshire Hathaway-backed BYD, China’s largest electric vehicle manufacturer, is set to build a vehicle manufacturing plant in Turkey. This strategic move aims to avoid the increasing EU tariffs on vehicles imported directly from China.
The new facility, expected to be operational by the end of 2026, will have an annual production capacity of up to 150,000 vehicles and will create approximately 5,000 jobs. This follows BYD’s recent inauguration of a plant in Rayong, Thailand, which was completed in just 16 months.
BYD’s global expansion is rapidly progressing. The company recently celebrated the production of its 8 millionth new energy vehicle. In 2023, BYD achieved a 337% year-on-year increase in exports, reaching a total of 243,000 vehicles. In the first half of this year alone, BYD sold 1.607 million new energy vehicles worldwide, marking a 28% year-on-year growth, with over 203,000 of these vehicles being exported, a 173.8% year-on-year increase.
BYD’s new energy vehicles are now available in 88 countries and regions. The company has established passenger car production bases in Thailand, Brazil, Hungary, and Uzbekistan, with plans for another in Mexico.
© 2024 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.