Elon Musk And Warren Buffett Just LAUNCHED Next-Gen Tesla Battery!

Elon Musk And Warren Buffett Just LAUNCHED Next-Gen Tesla Battery!

BYD, the Warren Buffett-backed Chinese electric carmaker, plans to supply Tesla with batteries "very soon," according to a senior executive at the company, according to a Chinese state-owned broadcaster. Wanna know more?

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BYD, backed by Warren Buffett, has recently surpassed Volkswagen as the world's third most valuable vehicle manufacturer, buoyed by the prospects of China's thriving NEV sector.

On Wednesday, shares of the Shenzhen, Guangdong province-based company closed up 3.98 percent. This increased its market capitalization to $142.7 billion, dwarfing Volkswagen's $101.6 billion.

BYD is the only Chinese automaker among the top ten most valuable peers globally, but it trails Elon Musk's Tesla and Toyota of Japan.

Tesla is the most valuable automaker, valued at $742.5 billion as of Wednesday, more than three times the value of Toyota, despite the fact that Toyota's shipments last year were more than ten times Tesla's.

According to analysts, BYD's growth demonstrates the potential of the global NEV sector, and the trend is even more visible in China, which has been the world's largest market for such vehicles since 2015.

Even in April, when China's car market hit a decade low, NEV sales increased 44.6 percent to nearly 300,000 units, according to the China Association of Automobile Manufacturers.

NEV deliveries in the country totaled 1.56 million in the first four months, up 110 percent from the same period last year. According to the CAAM, this accounted for 20% of total vehicle sales in China from January to April.

BYD, China's largest NEV manufacturer, ceased production of conventional gasoline-powered vehicles in March to focus on fully electric and hybrid vehicles.

It sold over 100,000 vehicles in April, up 136 percent year on year, becoming China's only major automaker to see monthly sales growth.

May saw 114,183 units delivered, a 152.8 percent increase over the same month last year.

Chinese NEV startups did well as well, with four companies delivering over 10,000 units in May. Three of them saw year-on-year sales more than double during the month.

They expect the trend to continue as they release new models.

Li Auto will unveil its second model, a full-sized SUV, later this month, and Nio will release three new models this year, including the ET7 sedan, which will compete with BMW's 7 Series.

Toyota began pre-sales of its first electric SUVs in China in late April, becoming the country's latest major international brand to enter the heated NEV race.

According to Huaxi Securities, as NEVs have become a viable alternative to gasoline-powered vehicles in China's major cities, there is great potential in the vast countryside as well.

According to the brokerage, vehicles sold in third-tier or smaller cities will account for 44 percent of total vehicle sales in China in 2021, but only 32 percent in the NEV segment.

Since June, 26 automakers have joined forces to promote NEVs in rural areas, offering over 70 electric models to buyers in rural areas.

Analyst Huang Xili of Soochow Securities expects the campaign to increase NEV sales by around 100,000 units this year, to 5.25 million units, up from 3.5 million in 2021.

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