(BRK.A), (BRK.B)
BYD Auto Industry Co Ltd (BYD) and UZAVTOSANOAT JSC (UzAuto) signed a strategic Memorandum of Understanding (MOU) to develop, produce and popularize New Energy Vehicles (NEV) in Uzbekistan.
The MOU was signed on Feb. 16 during an online ceremony led by Michael Shu, General Manager and Managing Director, BYD Europe, and Urmzakov Shavkat, Chairman of the Board of UzAuto in Uzbekistan.
BYD, the world’s leading NEV manufacturer, has more than 26 years’ experience in battery research and development, and is renowned globally for its pioneering innovations in this field. BYD is the only NEV producer to have developed its own powertrain systems, power batteries, automotive semiconductors drive-motors and motor controller systems. It is also one of the first manufacturers in the world to produce one million electric passenger cars.
UzAuto is the largest and only manufacturer in Central Asia to offer a full range of vehicles. UzAuto has a longstanding heritage spanning several decades. During this time, it has established an excellent reputation within the industry, achieving a significant market share in Uzbekistan and the neighbouring region. UzAuto has a strong sales and after-sales network, and has gained recognition for outstanding service.
Umurzakov Shavkat, Chairman of the Board, UzAuto, said: “Today is an important day for the Uzbekistan automotive industry as it demonstrates our country is moving to a new stage of development. This Memorandum of Understanding with BYD means that UzAuto is ready to take all necessary measures to start the implementation of new energy vehicles. We are looking forward to a successful and mutually beneficial cooperation.”
Together BYD and UzAuto look forward to developing and producing sustainable and practical new energy vehicle solutions that are kind to the planet, while excelling in safety, performance and efficiency. This MoU is core to a new era of sustainable transport, laying the foundations for the mass rollout of new energy vehicles, supported via efficient sales channels and after-sales services.
BYD and Berkshire Hathaway
In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares for $232 million. It’s an investment that has paid off handsomely. Berkshire’s original investment of $232 million had grown in value to $5.897 billion as of December 31, 2020.
© 2022 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.