Warren Buffett Backed BYD Forays Malaysia With $113M Deal
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- BYD Co, Ltd (OTC:BYDDF) (OTC:BYDDY), the Chinese EV company backed by Warren Buffett, forged a 500 million ringgit ($113 million) tie-up with Sime Darby Motors Sdn Bhd as it made its electric vehicle debut in Malaysia.
- Sime Darby will be BYD's exclusive distributor in Malaysia, with the first showroom to open later this month, Bloomberg reports.
- They plan to have 20 dealerships by next year and 40 by 2024.
- Also Read: Warren Buffett's Berkshire Hathaway Trim Holdings In This Tesla Competitor Again
- BYD will introduce its flagship Atto 3 to the Malaysian market, with the standard model priced at 148,800 ringgit and the extended-range version at 167,800 ringgit.
- BYD's growing list of export destinations now stretches from North to Southeast Asia, Australia, and Europe to Latin America.
- BYD's foreign markets included Brazil, Chile, Germany, Israel, Japan, and India.
- Thailand, and more broadly Southeast Asia, has become a new battleground for EV makers, especially as Chinese brands explore international territories to fuel growth.
- Related: Tesla initiated bookings for its cars in Thailand, Southeast Asia's largest market for passenger electric cars
- Related ETF: iShares Self-driving EV and Tech ETF (IDRV), which holds companies in the EV and self-driving tech space, has lost 32.40% year-to-date.
- Price Action: BYDDF shares traded higher by 6.55% at $26.20 in the premarket on the last check Thursday.