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☆ Southeast Asia is a top choice for firms diversifying supply chains amid U.S.-China tensions
▼ + stars: | 2024-06-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Skyline, Ho Chi Minh City, Vietnam John Harper | Photodisc | Getty ImagesSoutheast Asia has emerged as a top choice for firms looking to diversify production away from China, including Chinese companies, amid escalating tensions between Washington and Beijing. "Southeast Asia is well-placed to benefit significantly from the China+1 phenomenon as both foreign and Chinese companies diversify their supply chains and operations," said Kuo-Yi Lim, co-founder and managing partner of Southeast Asian venture capital firm Monk's Hill Ventures. "The ASEAN-6 region has benefited from a diversification of global and regional supply chain as well as the adoption of 'China+1' strategies. MalaysiaMalaysia has seen semiconductor firms including Intel, GlobalFoundries and Infineon setting up or expanding operations in the country over the last few years amid U.S.-China tensions. Chinese electric vehicle maker BYD plans to start commercial production of EVs in Indonesia in 2026, according to local reports.

Persons: Vietnam John Harper, Kuo, Yi Lim, Lim, Yinglan Tan, Kai Wei Ang, CNBC's, It's, Ang, Anders C, Johansson, –, Sokon – Organizations: Photodisc, Getty, Monk's Hill Ventures, ASEAN, Hong Kong SAR, Apple, Ventures Partners, Samsung, BofA Securities, Intel, GlobalFoundries, Infineon, U.S, Monk's Hill Ventures . Industry, Malaysia that's, Stockholm China Economic Research, Stockholm School of Economics, Chery, Singapore Locations: Chi Minh City, Vietnam, Asia, China, Washington, Beijing, Monk's, Indonesia, Malaysia, Philippines, Thailand, Singapore, U.S, Japan, European Union, China & Hong Kong, Hong Kong, Vietnam Vietnam, ASEAN, Malaysia Malaysia, Stockholm China, EVs

☆ Ferrari CEO Benedetto Vigna on EV demand and the 'emotion' of the supercars
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFerrari CEO Benedetto Vigna on EV demand and the 'emotion' of the supercarsRobert Frank sits down for an exclusive interview with Ferrari CEO Benedetto Vigna. They discuss Ferrari's new E-Building, demand for electric cars, Ferrari as a luxury brand, and more.

Persons: Benedetto Vigna, Robert Frank Organizations: Ferrari

☆ How to trade Carnival before earnings using options
▼ + stars: | 2024-06-24 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

Both the dividend and debt levels have important implications for the stock's volatility, the price of options generally, and the relationship between the price of puts and calls. The trade All else equal, higher levels of corporate debt increase leverage and, therefore, the volatility of a company's equity. Carnival's options are nearly twice as expensive now as they were at the end of 2019, but the higher levels of debt justify higher prices. Typically, we do not recommend selling covered calls into earnings unless options prices are very high, as earnings provide a catalyst that can move a stock. In this case, an 8% implied move is substantial, but due to the high debt levels, it merely represents a fair price for the options.

Persons: Francis Scott Key Organizations: Management, CNBC, NBC UNIVERSAL Locations: Baltimore, Norfolk , Virginia

☆ Venture firms could be the latest target for AI disruption, and that's not the only threat to VCs
▼ + stars: | 2024-06-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at how AI could completely upend venture capitalism amid a wider shakeup for the industry . The generative AI boom was a welcome change for a venture industry looking for a new trend to back (and hopefully profit from). Some of the adjustments aren't novel to the VC industry. ACME Capital; Getty Images, Chelsea Jia Feng/BIThe VC industry might be doomed with or without AI. AdvertisementScott Stanford, a cofounder and partner at early-stage VC firm ACME Capital, told BI's Blake Dodge that half of today's VC firms will shutter in the next decade .

Persons: —, VCs zentilia, Jenny Chang, Rodriguez, Insider's Ben Bergman, Ben, Long, Scott Stanford, Chelsea Jia Feng, BI's Blake Dodge, Hany Nada, Jared Siskin, Bobby Jain's, Jonathan Barton, Jain, Rebecca Zisser, OpenAI, Apple, Elif, Jeff Bezos, Robert Winnett, Will Lewis, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Grace Lett, Amanda Yen Organizations: Service, Business, ACME, Getty, ACME Capital, Stanford, BI, Madison, Conservancy, Jain, EV, Ford, European, Regulators, Anadolu Agency, Getty Images, Washington, Harvard, Leagues Locations: today's, Wall, Saudi, Saudi Arabia, Europe, Brazil, Southeast Asia, London, American, Paris, New York, Chicago

☆ Trade between the US and Germany is growing. Concerns over China might be driving the shift.
▼ + stars: | 2024-06-24 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Trade between the US and Germany was 63.2 billion euros in the first quarter of 2024, edging out the 60 billion euros of trade between China and Germany, according to data from the German government. AdvertisementElectric vehicles are causing riftsAutomobiles are at the center of a new dispute between China and Germany. Nearly a third of German car sales in 2023 came from China, according to Reuters, leaving the industry vulnerable to a trade war. The slump in German exports to China is a sign of vulnerability in trade relations, according to the FT. In 2022, trade between China and Germany was 50 billion euros greater than that between Germany and the US.

Persons: —, Biden, EVs, Robert Habeck, Habeck, Oliver Rakau, Martin Wolf Organizations: Service, Business, European Union, Bloomberg, European Commission, BMW, Porsche, Volkswagen, Reuters, EU, European Union Chamber of Commerce, Atlantic Council, Oxford Economics, US, Trump, Biden Locations: China, Germany, Russia, Ukraine, West, Beijing, European, materializing, Red, Europe, Brussels

☆ China wants EU to scrap planned higher tariffs and 'abide by WTO rules,' state media reports
▼ + stars: | 2024-06-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

GUANGZHOU, CHINA - NOVEMBER 17: A GAC Aion Hyper SSR electric sports car is on display during the Auto Guangzhou 2023 at China Import & Export Fair Pazhou Complex on November 17, 2023 in Guangzhou, Guangdong Province of China. The ideal outcome China wants is for the European Commission to revoke its tariff decision by July 4 and adhere to World Trade Organization rules, Global Times reported, quoting observers. China has firmly opposed the tariffs, saying the move was "blatant protectionism" and could violate WTO rules, its commerce ministry said on June 14. A Chinese official told CNBC last week that the EU's probe into Chinese EVs was overly selective and that the results were not credible. Read the full report on Global Times.

Persons: Chen Yihang, Wang Wentao, Valdis Dombrovskis, EVs Organizations: Auto Guangzhou, China Import, Export, Getty Images, Union, Global Times, European Commission, World Trade Organization, EV, CNBC Locations: GUANGZHOU, CHINA, Guangzhou, Guangdong Province of China, China, Beijing

☆ Used-EV prices are crashing as buyers shift back towards hybrid vehicles
▼ + stars: | 2024-06-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Used EVs now cost less than their gas counterparts, with the gap ballooning since February. AdvertisementConsumers are pumping the brakes on electric-vehicle demand as technological limitations erase the premium buyers used to be willing to pay. For the first time, used EVs are less expensive than their traditional gas counterparts. Not only are prices lower, they're also plummeting at a much steeper clip, a recent report from iSeeCars said. According to the study, the average used EV fell $265 below the typical gas car in February, marking the trend's start.

Persons: they're, —, iSeeCars Organizations: Service, Business

☆ Starboard loses initial legal fight against Autodesk, but the battle may just be beginning
▼ + stars: | 2024-06-22 | by ( Kenneth Squire | ) www.cnbc.com time to read: +10 min

Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. With 90%+ gross margins and 35% operating margins, Autodesk is a leader in AEC software. Further, its operating margins are not much worse than those of its peers at first blush. However, Starboard correctly does not judge the company's operating margins on the mean of its peer set, but by the potential embodied in its gross margins and market position. He no longer serves on the board of Autodesk, but he could certainly be an informal advisor to Starboard – or a cautionary tale for Autodesk.

Persons: Max, Russell, Deborah Clifford, Clifford, bode, Sachem, Andrew Anagnost, designees, Rick Hill, Hill, designee, Ken Squire Organizations: Autodesk, Engineering, Manufacturing, Media, Entertainment, Manufacturing Solutions, Wonder, Delaware Chancery, —, U.S . Securities, Exchange Commission, Delaware Court, Marvell Technology, Symantec, 13D Locations: Delaware, Autodesk's

☆ How Chinese EV makers are slowly taking over the world
▼ + stars: | 2024-06-22 | by ( Tom Carter | ) www.businessinsider.com time to read: +14 min

Chinese carmakers accounted for 88% of the EV market in Brazil and 70% in Thailand in Q1, according to ABI Research figures. The EV markets in many of these countries are small now, but they're growing rapidly. This is because Chinese automakers are known for their ability to build electric cars for less than their foreign competitors. Australian Senator and shadow cyber-security minister James Paterson said earlier this year that Chinese EVs pose a growing cybersecurity risk. "India is still a little wary of the Chinese market," said Dylan Khoo, an analyst at ABI Research.

Persons: —, BYD, Joe Biden, Bill Russo, Susan Walsh Sam Fiorani, Luiz Inácio Lula da Silva, São Paulo, Luiz Inacio Lula da Silva, Marcel Martin, Katherine Tai, Elon Musk, SONNY TUMBELAKA, They're, Automobility, Tesla, John Keeble, James Paterson, Fiorani, Indranil Aditya, Dylan Khoo, Warren Buffett, Xpeng, William Li, HECTOR RETAMAL, America's, Russo, WuYuan Organizations: Service, Detroit, EV, Business, Research, Ford, Toyota, Volkswagen, EU, AP, AutoForecast Solutions, Brazilian Electric Vehicle Association, Great Wall Motors, Anadolu Agency, Getty, International Council, Clean Transportation, Chery, Total, China Passenger Car Association, Reuters, Honda, Mitsubishi, International Energy Agency, Federal, of Automotive Industries, SAIC, AutoForecast, BYD, SAIC Motors, India's, ABI Research, Union Locations: Camaçari, Brazilian, Bahia, Brazil, Mexico, Southeast Asia, Europe, Thailand, China, Shanghai, EU, São, Johannesburg, South Africa, Southeast Asia Southeast Asia, Malaysia, Vietnam, Indonesia, Indonesia's West Java, Philippines, Australia, Hangzhou, Queensland, India India, India, Europe Europe, Hungary, France, Spain, Portugal, South Korea

☆ Tesla has downsized by at least 14% this year after Elon Musk said layoffs would exceed 10%
▼ + stars: | 2024-06-21 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla CEO Elon Musk sent an email to "everybody" that day. He told employees, "Over the next few weeks, Tesla will be doing a comprehensive review to provide stock options grants for exceptional performance." In a filing for the fourth quarter, Tesla said its employee head count worldwide at the end of December was 140,473, a number that represents salaried and hourly staffers. At around 121,000, that suggests Tesla has reduced overall headcount by at least 14% since the end of 2023. For the first quarter, Tesla reported a 9% drop in annual revenue, the biggest decline since 2012.

Persons: X Elon Musk, Mark Read, Elon Musk, Tesla, Musk, We've, Rebecca Tinucci Organizations: Lumiere Theatre, Cannes Lions, CNBC, Tesla, Reuters, Bloomberg, Nasdaq Locations: Cannes, France, China

☆ China has spent at least $230 billion to build its EV industry, new study finds
▼ + stars: | 2024-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — China spent $230.8 billion over more than a decade to develop its electric car industry, according to analysis published Thursday by the U.S.-based Center for Strategic and International Studies. Last month, the U.S. announced it was raising duties on imports of Chinese electric vehicles to 100%. There are some exceptions, but in general Western automakers and governments have dilly dallied and not been aggressive enough. But he also noted that the U.S. has not created conditions that are as attractive as China's for developing its own electric car industry. "There are some exceptions, but in general Western automakers and governments have dilly dallied and not been aggressive enough," he said.

Persons: Scott Kennedy, Kennedy, Tesla Organizations: Workers, SAIC, GM, Future Publishing, Getty, Strategic, International Studies, CSIS, U.S, Ministry of Finance, Bank of America, Western, EV Locations: Qingdao, Shandong, BEIJING, China, U.S

☆ AI and robotics are the keys that will drive Tesla to a $1 trillion valuation, Wedbush says
▼ + stars: | 2024-06-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Tesla investors reapproving Musk's pay package puts the company on back on track, Wedbush said. The firm reiterated its $275 price target and suggested Tesla was set to hit a $1 trillion valuation. The stock could see a rebound as soon as the second half of this year, the analysts predicted. AdvertisementTesla looks poised to unveil some of its key AI and robotics projects soon, such as its full self-driving software and its Model 2.5. Tesla stock is down 27% this year.

Persons: reapproving, Wedbush, Tesla, —, that's, Elon Organizations: Service, Wedbush Securities, Elon Musk's, Board, Teslas, EV Locations: China, 2H

☆ China spends at least $230 billion trying to win the EV race, study finds
▼ + stars: | 2024-06-21 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Read previewChina has spent at least $230 billion on government support to electric vehicle makers such as BYD since 2009, according to a new study from the Centre for Strategic & International Studies think tank. Government subsidies have been a central pillar of China's quest to become an EV powerhouse over the past decade. AdvertisementChina is now the world's largest electric vehicle market, accounting for 60% of global EV sales in 2023, per the IEA — well above rivals like the US and Japan. EV makers in China can get government support through several routes, including infrastructure subsidies, tax exemptions, and buyer rebates. Massive government support has cultivated intense competition among China's legion of EV companies, which in turn has led to low prices.

Persons: —, BYD, Tesla Organizations: Service, Centre, Strategic & International Studies, Business, European Union, EV, CSIS, Battery, Penn Wharton University Locations: China, Europe, Japan, America

☆ New Tesla video shows an early glimpse at how Elon Musk's robotaxi service could look
▼ + stars: | 2024-06-20 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

Read previewWe're less than two months away from Tesla's Robotaxi unveiling, but we're already getting an early glimpse at the ride-hailing platform on which the autonomous vehicles are expected to operate. "Still pinching myself that I got to demo Tesla's ride-hailing platform!" The video shows Nathans requesting the service by pressing a black-and-white circle with the word "Summon" within an app. The video shows Nathans adjusting her preferred temperature before the car arrives. AdvertisementTesla's Full Self-Driving software, which is still in beta, is the underlying software technology that the company is working on to power a stand-alone Tesla Robotaxi service.

Persons: —, Tesla's, we're, Rosalie Nathans, she's, Nathans, there's, Elon Musk's, Tesla, Musk, Walter Isaacson Organizations: Service, Tesla, Business, Elon, EV, Reuters Locations: Texas

☆ Cost parity is driving used EV sales, says Cox's Erin Keating
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCost parity is driving used EV sales, says Cox's Erin KeatingErin Keating, Cox Automotives executive analyst, joins 'Power Lunch' to discuss the used EV market sales boom.

Persons: Cox's Erin Keating Erin Keating, Cox

☆ Startup Kinetic rolls out robots to fix electric cars, and someday robotaxis
▼ + stars: | 2024-06-20 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

By providing diagnostics and recalibration of the high-tech systems in modern vehicles, the company hopes to decrease costs associated with EV ownership and repairs. The existing collision repair industry is well-equipped to handle most physical fixes like replacing a bumper, a busted windshield, brakes and paint or adjusting alignment. But for many collision repair centers and auto dealerships, ensuring all sensors, software and computers are working properly can prove time-consuming and expensive. Kinetic puts its robotic systems and technicians to work helping these shops and dealerships fix the finicky, "digital" aspects of customers' cars. Then Kinetic's software, which is connected to the vehicle's systems, will initiate and track the completion of those fixes.

Persons: Power, Nikhil Naikal Organizations: EV Locations: U.S, Santa Ana, California

☆ I drove a Tesla for the first time. It's perfectly fine — but still left me underwhelmed.
▼ + stars: | 2024-06-19 | by ( Chris Johnston | ) www.businessinsider.com time to read: +5 min

Read previewRegular readers of Business Insider know that we write rather frequently about Elon Musk and Tesla, his electric car maker. That's because he's a fascinating character, Tesla is a fascinating company — and we know you like reading about both. I downloaded the Tesla app on my iPhone and the owner added me to his account, meaning no physical key was needed. The trunk of the Tesla Model 3 could fit quite a lot of luggage. If I had to sum it up in a sentence, it'd be this: the Tesla was just a bit boring.

Persons: —, Elon, Tesla, I'd, Elon — I'm Organizations: Service, Business, BI, Oxford, Radcliffe, UCG, Tesla, Elon, Ford Locations: Atlanta, London, America, Oxford

☆ There's a pipeline of former Tesla staffers to Elon Musk's shiny new startup xAI
▼ + stars: | 2024-06-19 | by ( Kali Hays | Grace Kay | ) www.businessinsider.com time to read: +5 min

People who work for an Elon Musk company have an opportunity to do something uncommon in business. Some recently sued Musk over claims that he's funneling AI talent to xAI instead of Tesla. He said earlier this year he was "uncomfortable" expanding Tesla's AI and robotics capabilities without additional voting control. Related storiesThe carmaker's CEO also recently diverted prized chips necessary for AI work that was headed for Tesla to xAI, CNBC reported. Most of the xAI employees who formerly worked at Tesla started working at the startup immediately after Tesla enacted mass layoffs earlier this year.

Persons: Musk, Tesla, xAI, —, Kali Hays, Grace Kay Organizations: Service, Elon Musk, Business, xAI, Twitter, CNBC, BI, EV, SpaceX, The Boring Locations: Neuralink, Tesla, xAI, khays@businessinsider.com, gkay@businessinsider.com

☆ 11 Tesla accessories to upgrade your ride, from a roadside safety kit to a $225 mattress
▼ + stars: | 2024-06-19 | by ( Jaures Yip | ) www.businessinsider.com time to read: +1 min

Tesla offers a range of accessories to enhance its five vehicle models, including the Cybertruck. Standard add-ons like floor mats and sun shades are available, alongside unique additions. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The EV maker currently offers five vehicles: the Model S, Model 3, Model X, Model Y, and, most recently, the Cybertruck.

Persons: Tesla, — Organizations: Service, Business

☆ China and the EU are at odds over the EU's EV anti-subsidy probe
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina and the EU are at odds over the EU's EV anti-subsidy probeJin Ruiting, director of the Academy of Macroeconomic Research, a research institution directly under the National Development and Reform Commission, says the EU anti-subsidy probe looked only at Chinese companies, instead of businesses with the largest export volume. The European Commission has denied this.

Persons: Jin Ruiting Organizations: China, Academy of, National Development, Reform Commission, European Commission Locations: EU

☆ Electric SUV maker Fisker files for bankruptcy
▼ + stars: | 2024-06-18 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Fisker, a US electric vehicle startup, said Tuesday it had filed for bankruptcy. Fisker added then that it was in discussions with an existing investor about possibly putting more money into the company. Its sole product is the Fisker Ocean electric SUV. The Ocean was also the subject of a review that month by American YouTuber Marques Brownlee titled, “This is the Worst Car I’ve Ever Reviewed.”“Do not buy this version of the Fisker Ocean,” reads the video’s description. Fisker filed for bankruptcy Monday, choosing the common Chapter 11 route, which allows companies to try to resolve their financial problems through reorganization.

Persons: London CNN —, Fisker, American YouTuber Marques Brownlee, ”, Henrik Fisker, BYD, Tesla Organizations: London CNN, Automotive News, Hyundai, Kia, Ford, General Motors, International Energy Agency Locations: American, EVs, United States, Europe, “

☆ CNBC Daily Open: Boeing's 'moment of reckoning'
▼ + stars: | 2024-06-18 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Immigrants, jobs and inflationImmigration has helped the U.S. job market sustain a strong run in recent months without reigniting inflation, economists and analysts say. This dynamic — a hot job market and cooling inflation — is in part the result of increased inflows of immigrants. The conglomerate sold 1.3 million shares for $39.8 million, reducing its holding to 6.9%. [PRO] S&P 500 to hit 6,000Evercore ISI predicts the stock market will soar to unprecedented heights, setting a new year-end target for the S&P 500 at a record 6,000.

Persons: Neel Kashkari, CNBC's Rebecca Picciotto, Ryan Cohen, Keith Gill, Matthew Bartolini, Berkshire Hathaway, Charlie Munger, Tesla Organizations: CNBC, Microsoft, Apple, Nasdaq, Dow Jones, Minneapolis Federal, GameStop, Fund, Nvidia, SPDR Locations: U.S, SPDR Americas, Berkshire, BYD

☆ Chinese official slams EU probe into EV subsidies as 'selective'
▼ + stars: | 2024-06-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"The Commission considers that the sample was selected in accordance with the WTO rules and the corresponding EU legislation in this regard," he said. "The Volkswagen Group confidently accepts the growing international competition, including from China, and sees this as an opportunity. The NDRC's Jin added that the EU anti-subsidy probe does not appear to be based off an industry or business complaint. "Consequently, the Commission has reached out to Chinese authorities to discuss these findings and explore possible ways to resolve the issues identified in a WTO-compatible manner," the EU statement said. The Biden administration in May announced it would raise tariffs on imports of Chinese electric cars from 25% to 100%.

Persons: Olof Gill, Gill, BEV, Oliver Zipse, Elon, Jin, EU's Gill, BEV producers, Biden Organizations: CNBC, WTO, Major, Volkswagen Group, EU, Volkswagen, U.K, BMW Group, BMW, SAIC, EV, EVs Locations: Union, China, Germany, Europe, Western Europe, Shanghai, EU, WTO

☆ EV charging company says Fisker 'abandoned its contract' — so it's yanking promo credits from Fisker customers
▼ + stars: | 2024-06-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Fisker filed for bankruptcy on Monday and Ocean owners are already beginning to feel the pinch. EV charging company ChargePoint notified some Fisker Ocean owners that the company had rescinded their promotional charging credits on Tuesday morning. The company said in an email to owners who had received charging credits through Fisker that Henrik Fisker's company had "abandoned its contract with ChargePoint." The charging credits are just one of many problems Fisker Ocean owners might face in the coming months. Business Insider previously reported that owners were concerned their cars might become unusable if Fisker were to go under.

Persons: Fisker, Henrik Fisker's, ChargePoint, Getty, Patrick T, Fallon Fisker Organizations: Service, EV, ChargePoint, Business

☆ Warren Buffett’s Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVs
▼ + stars: | 2024-06-18 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Warren Buffett’s Berkshire Hathaway has further cut its large stake in BYD, which vies with Tesla as the world’s largest electric car (EV) maker, as global trade tensions escalate over Chinese EVs. The sale was valued at 310.5 million Hong Kong dollars ($40 million). BYD shares had closed at a record high in June of that year. In 2008, Berkshire spent $230 million in buying BYD shares at an average of HK$8 ($1.02) apiece. Berkshire still holds 75.7 million Hong Kong-listed shares of BYD, which were worth about 17.6 billion Hong Kong dollars ($2.3 billion) by Tuesday.

Persons: Hong Kong CNN — Warren, Berkshire Hathaway, Tesla, Buffett, Daniel Acker, Biden, Wang Chuanfu, Elon Musk’s Tesla, didn’t, Charlie Munger, Munger “, ” Organizations: Hong Kong CNN, Hong Kong, Berkshire, Bloomberg, Getty, European Union, European Commission, EU, EV, HK, CNN Locations: China, Hong Kong, BYD, European, Europe, Beijing, United States, Shenzhen, Berkshire

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