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Speaking at the annual meeting of his conglomerate Berkshire Hathaway Inc (BRKa.N), criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors. The meeting featured Buffett, 92, who is Berkshire's chairman and chief executive, and Vice Chairman Charlie Munger answering five hours of shareholder questions. LIGHTED MATCHBuffett said regulators were right to guarantee depositors of Silicon Valley Bank, saying that not doing so "would have been catastrophic." Buffett defended the size of Berkshire's $151 billion Apple investment, saying consumers are less likely to shed their $1,500 iPhones than, for example, their $35,000 second cars. Many recognized it could be one of their last chances to see Buffett and Munger, given their ages.

Buffett spoke hours after Berkshire posted a $35.5 billion quarterly profit and said it bought back $4.4 billion of its own stock, a sign it considered the shares undervalued. The meeting features Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, answering five hours of shareholder questions. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

☆ Tesla's April sales of China-made EVs down 14.7% from March -CPCA
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: 1 min

BEIJING/SHANGHAI, May 5 (Reuters) - Tesla Inc (TSLA.O) delivered 75,842 China-made electric vehicles (EVs) in April, down 14.7% from March, data from the China Passenger Car Association (CPCA) showed on Friday. The figure was a huge jump from a year earlier, when the city of Shanghai - where Tesla has a factory - was in COVID-19 lockdown and the company delivered only 1,512 China-made Model 3 and Model Y cars in the world's largest auto market. Local rival BYD Co (002594.SZ), with its Dynasty and Ocean series of EVs and hybrids, sold 209,467 vehicles in April, CPCA data showed, up 1.6% from March. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by Jamie Freed and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Thailand in talks with CATL, others on potential battery plants, govt official says
▼ + stars: | 2023-05-03 | by ( Devjyot Ghoshal | ) www.reuters.com time to read: +3 min

"We are talking to many companies, not only CATL but many companies in the battery industry," said Narit Therdsteerasukdi, Secretary General of Thailand Board of Investment (BOI). CATL, the world's dominant battery supplier with a 37% market share, currently has no production facilities in Southeast Asia, its website shows. In the past few years, Thailand has drawn investments from EV companies, mainly Chinese, including Great Wall Motors and BYD Co (002594.SZ). Narit said the government's goal was to direct support and subsidies to land larger battery production facilities. CATL currently has 13 battery production hubs, 11 in China, one in Hungary and one in Germany.

☆ Tesla raises prices in US, China, Japan and Canada
▼ + stars: | 2023-05-02 | by ( Akriti Sharma | ) www.reuters.com time to read: +2 min

May 1 (Reuters) - Tesla Inc (TSLA.O) has raised prices in a range of up to $290 in Canada, China, Japan and the United States, its website showed on Monday, after having slashed prices on its top-selling vehicles since the start of the year. By Monday, Tesla's website showed it had raised the starting price point by $250 on the base model Model Y and Model 3 in the United States. Prices changed about the same amount in its second largest market of China, as well as in Canada and Japan, those websites showed. In Canada, Tesla raised prices by C$300 ($222) for the performance versions of its Model 3 and Model Y. In China, Tesla raised the price for variants by 2,000 yuan ($289), the website showed.

☆ Tesla hikes prices in U.S., China, Japan and Canada
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - Tesla Inc (TSLA.O) has raised prices for its Model Y and Model 3 variants by the equivalent of about $300 in the United States, China, Japan and Canada, after having slashed prices on its top selling vehicles since the start of the year. In China, Elon Musk-led Tesla raised the price for variants by 2,000 yuan ($289.39), the website showed. Chief Executive Elon Musk last month signaled the EV maker would prioritize sales growth ahead of profit in a weak economy. In Canada, the car manufacturer raised the prices of its Performance crossover Model 3 and Model Y by $300 each. In Japan, prices for the entry-level Model 3 were increased by 37,000 yen ($269.01)($1 = 6.9110 Chinese yuan renminbi)($1 = 137.5400 yen)Reporting by Akriti Sharma in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese EV giant BYD's first-quarter profit jumps fivefold
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BEIJING/SHANGHAI, April 27 (Reuters) - Chinese electric vehicle giant BYD Co. (002594.SZ) posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market. Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock market filing. The company sold more than 1.86 million vehicles in 2022, mostly in China. The price cuts have eaten into automakers' earnings, with Tesla reporting a 24% plunge in first-quarter net income. ($1 = 6.9230 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ BYD lowers starting price for Seagull electric hatchback
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

Companies BYD Co Ltd FollowSHANGHAI, April 26 (Reuters) - Chinese electric car maker BYD (002594.SZ) has set the starting price for its Seagull hatchback at 73,800 yuan ($10,658.89), about 6.3% lower than its initial advertised price, its website showed. The vehicle attracted significant attention at the Shanghai auto show at a price starting from 78,800 yuan - half the price of the cheapest new energy vehicles available elsewhere. It had advertised the two versions at 78,800 yuan and 83,800 yuan during the auto show. The company's longer-range version will be priced at 89,800 yuan, down from the 95,800 yuan advertised at the show. ($1 = 6.9238 Chinese yuan renminbi)Reporting by Brenda Goh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

SQM's lithium contract in Chile is set to expire in 2030 and Albemarle's in 2043, giving it more insulation from the potential move. Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020. SQM has a larger footprint in Chile, with 81,000 hectares (about 200,000 acres) for lithium extraction compared with Albemarle's 16,000 hectares. Argentine state energy firm YPF last year began exploring lithium, while Bolivia has long maintained strict control over its huge though largely untapped resources. Mexico's President Andres Manuel Lopez Obrador and Bolivia's Luis Arce have touted the idea of a regional lithium "OPEC" to coordinate on lithium policy and benefit local economies.

☆ China EV maker BYD to build $290 mln battery component plant in Chile
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, April 21 (Reuters) - China's BYD Co Ltd (002594.SZ), , the world's largest electric vehicle (EV) maker, plans to build a $290 million lithium cathode factory in Chile's northern Antofagasta region, said Chilean economic development agency CORFO. The South American country's government has named BYD Chile a qualified lithium producer, CORFO said, giving it access to preferential prices for lithium carbonate quotas. BYD, which supplies electric buses for Chile's public transportation system, did not immediately respond to requests for comment on Friday. The plant will produce 50,000 tonnes per year of lithium iron phosphate (LFP) for cathodes, using lithium carbonate as an input. read moreReporting by Farah Master in Hong Kong and Zhang Yan in Shanghai; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

[1/3] BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. While the battery-electric vehicle market share of German automakers in China is rising, it is still miniscule. The EV sales of all four German brands added up to only a quarter of BYD's in 2022. "The Chinese market is no longer as stable for German carmakers as it was," Thomas Luk, partner at management consultancy Kearney, said on the sidelines of the Shanghai show. Many are also adopting direct sales, an approach German automakers like BMW and Mercedes-Benz have also said in recent months they are moving towards.

Reuters GraphicsTesla finance chief Zachary Kirkhorn promised in January that margins would not fall below 20% and an average selling price of $47,000 across models. Even as consumers have dialed down non-essential spending over fears of a possible recession, pressuring the EV market, Tesla's rivals such as Ford Motor Co (F.N) have stepped up competition at home. Meanwhile in China, Tesla's second-largest market, the company is playing catch up with BYD Co (002594.SZ). "It's probable that Tesla's margins will be preserved based on the reduction in commodity costs," said George Gianarikas, analyst at Canaccord Genuity. Tesla is targeting deliveries of 1.8 million vehicles this year, though Musk said in January the automaker could hand out 2 million vehicles if circumstances are favorable.

☆ Brazilians offer fresh perks for BYD plant as Ford talks stall
▼ + stars: | 2023-04-13 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +2 min

REUTERS/Stephane MaheBRASILIA, April 13 (Reuters) - Brazilian officials are offering fresh incentives including land for Chinese manufacturer BYD to build an electric car plant in Bahia state amid stalled talks to take over a closed Ford plant, said three people familiar with discussions in Shanghai on Thursday. However, Brazilian officials on Thursday discussed an alternative site in Bahia where BYD could build a factory from scratch if the talks with Ford prove futile. Ford and BYD did not immediately respond to requests for comment. BYD made it clear they would have no issue setting up a new plant, the sources said. However, drawn out talks with Ford have stalled plans.

☆ Amid risk of stalling in EV race, Spain's rebooted aid scheme gets warm reception
▼ + stars: | 2023-04-11 | by ( Joan Faus | ) www.reuters.com time to read: +6 min

Madrid will launch a new, more flexible version of the PERTE scheme around July, worth 2 billion euros ($2.2 billion) after last year's initial funding round flopped, with only 27% of an earmarked 2.9 billion euros allocated. Stellantis already manufactures EVs in Spain and received 67 million euros from the first PERTE, but could request more funds to boost production. Griffiths said using the EU funds is "essential" for Spain's future as some investments would otherwise be non-viable. Unlike Germany, Europe's leading car producer, Spain lacks a domestic manufacturer to champion the EV cause. In last year's PERTE round, VW-SEAT received the highest payout, of 357 million euros, but had hoped for more.

☆ BYD posts 11-fold jump in Q4 profit -filing
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 28 (Reuters) - Chinese electric vehicle giant BYD Co Ltd (002594.SZ) reported an 11-fold increase in fourth-quarter profit as it extended its lead in the domestic market with a wide range of products. Net profit for October-December came in at 7.3 billion yuan ($1.06 billion) versus 602 million yuan a year earlier. For the whole of 2022, net profit increased 446% to 16.6 billion yuan, said the company, which is 12% owned by Warren Buffett's Berkshire Hathaway (BRKa.N). Its battery installation volume ranked the second globally in Janaury with 17.6% market share, exceeding LG Energy Solutions, according to SNE Research. ($1 = 6.8756 Chinese yuan renminbi)Reporting by Zhang Yan, Ella Cao and Meg Shen; editing by Jason Neely, Jonathan Oatis and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen joins China price war as new emissions rule looms
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ SAIC-Volkswagen offers $537 mln in subsidies through April 30
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zoey Zhang and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ China's BYD denies media report on Tesla ending battery supply cooperation
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, March 14 (Reuters) - Chinese electric vehicle and battery maker BYD Co Ltd (002594.SZ), on Tuesday said a media report saying U.S. peer Tesla Inc (TSLA.O) is ending cooperation on battery supplies is false. The Korean Economic Daily on Sunday cited industry sources as saying Tesla had not ask BYD for an additional supply of batteries for certain Tesla Model 3 vehicles after their supply deal expired earlier this year. The report "is not in line with the actual situation", BYD said in a statement to Reuters. Reporting by Zhang Yan and Brenda Goh; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese EV comptition hots up as BYD offers discounts
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] BYD electric vehicles (EV) are displayed at a car dealership in Shanghai, China, February 3, 2023. The discounts will be for buyers who place orders for the Song Plus and Seal models between March 10 and March 31, the company said on its social media account. In return for an 88 yuan ($12.64) deposit, buyers for a Seal EV can get 8,888 yuan deducted from the price, while for Song Plus models, the discount is 6,888 yuan. It sold 34,621 Song Plus SUVs and 14,372 Seal sedans in the first two months, according to China Passenger Car Association. The car association data showed Tesla (TSLA.O) sold 39,710 Model Ys and 21,056 Model 3s in January and February combined.

☆ Tesla Rival BYD Plans Big Commercial-Vehicle Push
▼ + stars: | 2023-03-08 | by ( River Davis | Raffaele Huang | ) www.wsj.com time to read: 1 min

China’s BYD, which has a factory in Lancaster, Calif., is North America’s largest electric-bus manufacturer. China’s BYD Co., having risen over the past decade to become one of the top global sellers of electric passenger cars, is now plotting a big push into battery-electric commercial vehicles. Over the next three years, BYD plans to introduce new commercial-vehicle models in markets including China, Europe and Japan, according to people familiar with the company’s plans. It has mapped out a budget of more than $20 billion for its commercial-vehicle unit through 2025, with major outlays planned for research, product development and expansion of production capacity, the people said.

☆ China's Jan-Feb passenger cars sales down 20% - CPCA
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 8 (Reuters) - China's passenger vehicle sales fell 20% in the first two months of this year, industry data showed on Wednesday, underscoring weak demand in the world's biggest auto market even as some car manufacturers offer reduced prices to revive demand. Sales in February, 1.42 million units, were 10.4% higher than a year earlier, a low base period when a week-long Lunar New Year holiday reduced business activity, the China Passenger Car Association (CPCA) said. Sales of new energy vehicles (NEVs), which include pure battery electric cars and plug-in hybrids, grew faster than the overall market, up 61% in February on a year earlier. NEVs accounted for more than 30% of new car sales. Tesla accounted for 11.5% of China's battery electric car sales in February, little changed from 11.3% a year before, indicating a waning effect of price cuts it implemented in early January.

☆ Tesla Rival BYD Leads Push to Sell Chinese EV Brands Around the World
▼ + stars: | 2023-03-03 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

HONG KONG—China’s electric-vehicle makers, buoyed by their success in eclipsing foreign rivals at home, are increasingly venturing abroad as the country’s car exports surge. Led by the Warren Buffett-backed auto giant BYD Co., Chinese EV makers have launched a dozen own-branded models across at least 16 countries over the past two years, including in most major economies in Northern and Western Europe.

☆ Tesla's China sales slow as price-cut boost wanes
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +3 min

The U.S. automaker nearly doubled weekly retail sales in the week of Feb. 20 to 10,703 vehicles versus a week prior, showed data from China Merchants Bank International (CMBI) on Tuesday, which tracks weekly retail sales based on car insurance registrations. Sales are slowing in part due to an ageing product line, said Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight. Consumers are also delaying purchases while waiting to see if other EV makers cut prices, Zhang said. Meanwhile, the market share of BYD Co Ltd (002594.SZ), surged to 37% from 27%, CMBI data showed. Smaller EV players such as Leap Motor and Great Wall Motor Co Ltd's (601633.SS) Ora are among those whose market share shrank.

☆ Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots'
▼ + stars: | 2023-02-15 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Feb 15 (Reuters) - Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc (BRKa.N), on Wednesday said China remains a top opportunity for investors despite geopolitical risks. Munger also doubled down on his recent Wall Street Journal editorial calling for the U.S. government to follow China and ban cryptocurrency, saying "people who oppose my position are idiots." Referring to Chinese President Xi Jinping and Russia's nearly yearlong invasion of Ukraine, Munger downplayed concern that China might invade Taiwan. Munger also called TSMC the "strongest semiconductor company on earth," though Berkshire recently cut its formerly $4.1 billion stake by 86%. Reporting by Jonathan Stempel in New York; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ China car sales plunge 38% in January as subsidies, tax cut end
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, Feb 8 (Reuters) - China's passenger car sales slumped 38% in January, reversing a 2.4% gain in the previous month, industry data showed on Wednesday, as demand weakened after a tax cut on combustion engine cars and subsidies on electric vehicles (EV) expired. Sales of new energy cars that include pure battery EVs and plug-in hybrids also fell 6.3% in January after a blistering 90% growth in 2022, the China Passenger Car Association (CPCA) said. "New energy car sales in January didn't meet our expectation, with a rare year-on-year decline in a single month sales," said Cui Dongshu, secretary general of CPCA in an online briefing on Wednesday. He said the Lunar New Year and the end of EV subsidies were among the factors leading to the decline. New energy vehicles accounted for a quarter of the total 1.3 million car sales in the month, CPCA data showed, down sharply from 35% in November 2022.

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