Tesla CEO Elon Musk has more than one reason to toast, on the strength of the record quarterly just announced by the electric car giant, which turbocharged the stock, which shot up yesterday on the Nasdaq by 10.97% at $160.27.
TSLA quotes they actually went into overdrive after the publication of the accounts for the fourth quarter of 2022, which some bearish analysts believed a factor that could have slowed down the run of the title. But no.
Said this, Elon Musk does not let his guard down against the competition in the EV market.
Among the many other things he said in the conference call held with the analysts to comment on the accounts, the respect and admiration for Tesla’s Chinese rivals, among which BYD also appears, Warren Buffett’s bet.
The name BYD has not been mentioned, but Musk has prophesied that it will probably be a Chinese company that confirms it the auto giant’s biggest rival managed by him which stands however, in his words, “winning in China”at least at this moment.
In the made in China market, Chinese Tesla competitors are different, including the start-ups NIO, Xpeng and LI Auto.
The number one rival, in the country, however, is BYD (Build Your Dream, traduzione ‘Buy Your Dreams’”.
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“We have great respect for the automakers operating in China Musk said. They are the most competitive in the world…they are the ones who work the hardest and smartest. So, if I had to make a guess…probably some company out there in China is the most likely to come second to Tesla“.
BYD: Is it still Warren Buffett’s big bet?
As for BYD, a CNBC article recalls that the Chinese EV maker sold 911,140 electric cars globally last year and a total of 1.8 million vehicles, including hybrid cars. Tesla has delivered in all, in 2022, 1.31 million cars.
It must be said that, towards the end of 2022, Warren Buffett has reduced the stake held in the capital you WORLD.
Not only. Buffett further cut his stake in the Chinese startup in early January to a value below the 14% threshold.
To be precise, in a document filed with the Hong Kong Stock Exchangethe conglomerate founded and run by Warren Buffett, Berkshire Hathaway, announced that it has sold 1 million more BYD shares, thus holding a 13.97% stake.
No explanation was provided by billionaire investor Buffett, who probably just wanted to cash out.
The motivation relating to the sale of further shares could arrive at the time of the letter to investors, expected shortly.