{"id":128269,"date":"2022-07-12T17:03:08","date_gmt":"2022-07-12T17:03:08","guid":{"rendered":"https:\/\/fin2me.com\/?p=128269"},"modified":"2022-07-12T17:03:08","modified_gmt":"2022-07-12T17:03:08","slug":"elon-musk-says-tesla-factories-are-losing-an-insane-amount-of-money","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/elon-musk-says-tesla-factories-are-losing-an-insane-amount-of-money\/","title":{"rendered":"Elon Musk says Tesla factories are &#39;losing an insane amount of money&#39;"},"content":{"rendered":"<p><cite>New York (CNN Business)<\/cite>It looks like Warren Buffett has given up on BYD, China&#8217;s biggest home-grown electric vehicle maker.<\/p>\n<p>Shares of BYD in the United States tumbled 11% Tuesday after Hong Kong&#8217;s Central Clearing and Settlement System recorded a massive 225-million-share increase in Citibank&#8217;s BYD stock holdings, Reuters reported. That&#8217;s the exact number of BYD shares that Buffett&#8217;s Berkshire Hathaway had owned.<br \/>\nBerkshire did not respond to a request for comment, and it may not be known whether Buffett sold the stake until the company&#8217;s next quarterly regulatory disclosure, set for mid-August. Shares of <span>Berkshire Hathaway<\/span> <span>(<span>BRKA<\/span>)<\/span> rose less than 1% Tuesday.<\/p>\n<ul><\/ul>\n<p>But investors weren&#8217;t waiting to sell what they believed was bad news for BYD. Berkshire&#8217;s enormous holding in the company represented 20.5% of the company&#8217;s outstanding shares.<\/p>\n<ul><\/ul>\n<p>BYD is in a close second place in Chinese EV sales and is nipping at Tesla&#8217;s heels. BYD sold 69,544 electric vehicles in China last month, compared to 78,000 from Tesla. <\/p>\n<p>China&#8217;s overall car market slowed in the spring and the country&#8217;s sweeping lockdowns kept factory workers at home and potential buyers at bay. Still, BYD continued to dominate. The company sold a record 106,000 new energy vehicles in April, more than half of which were fully electric. The company&#8217;s sales rose 300% between April 2021 and April 2022.<\/p>\n<ul><\/ul>\n<p>Analysts have attributed BYD&#8217;s resilience in sales to its &#8220;vertical integrated supply chain.&#8221; The business model has made BYD less vulnerable to supply chain disruptions during the lockdowns, while rivals had to cut back production because of chip and battery shortages.<\/p>\n<ul><\/ul>\n<p>China&#8217;s market has begun to ramp up again in recent months. Even if its competitors gain momentum, BYD stands to benefit: The company reportedly has a deal in place to supply Tesla with battery technology soon. BYD has been making its lithium iron phosphate &#8220;Blade Batteries&#8221; since 2020, for use in its own cars and for sale to other auto makers.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2022\/07\/12\/investing\/byd-stock-warren-buffett-berkshire\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)It looks like Warren Buffett has given up on BYD, China&#8217;s biggest home-grown electric vehicle maker. Shares of BYD in the United [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":128268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk says Tesla factories are &#039;losing an insane amount of money&#039; - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/elon-musk-says-tesla-factories-are-losing-an-insane-amount-of-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk says Tesla factories are &#039;losing an insane amount of money&#039; - Fin2me\" \/>\n<meta property=\"og:description\" content=\"New York (CNN Business)It looks like Warren Buffett has given up on BYD, China&#8217;s biggest home-grown electric vehicle maker. 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