Latest news with #WarrenBuffett-backed
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Nikkei Asia
3 days ago
- Business
- Nikkei Asia
Marubeni signs 'green ammonia' deal with China's Envision Energy
TOKYO -- Japanese trading house Marubeni has signed its first-ever deal to buy "green ammonia" on a long-term basis, as the Warren Buffett-backed company doubles down on the gas that it deems critical to decarbonization. Marubeni announced Tuesday that it has signed the offtake deal with Shanghai-based Envision Energy, the world's second-largest wind turbine manufacturer, from its plant in Inner Mongolia.
Yahoo
4 days ago
- Business
- Yahoo
Warren Buffett's Favorite Energy Stock Paces Bullish Oil Sector Move Amid Ukraine-Russia Attack
Warren Buffett-backed Occidental Petroleum, Diamondback Energy, APA and Halliburton led an early rally in oil stocks Monday as oil prices jumped. U.S. oil prices advanced more than 4% to around $63.60 per barrel on Monday. The move higher comes despite the Saudi Arabia-led Organization of Petroleum Exporting Countries and its allies, including Russia, announced Saturday it would raise oil output in July by the same amount as in the previous two months.
Business Insider
30-04-2025
- Automotive
- Business Insider
Satellite photos show how BYD's massive European factory is taking shape as it brings the fight to Tesla
The 300-hectare site on the outskirts of Szeged, Hungary, is expected to have a maximum capacity of around 200,000 vehicles a year, and satellite images provided to BI by Planet Images show how the factory is rapidly taking shape. Construction of the site began last year, with a Hungarian official confirming last November that the first BYD EV is expected to roll off the line in the second half of 2025. The estimated 4 billion ($4.5 billion) investment is the latest step in BYD's quest for European domination. Having conquered China's brutally competitive electric vehicle market, the Chinese EV giant is eyeing overseas expansion, exporting a record number of electric vehicles and hybrids in the first quarter of 2025. BYD is barred from the US market thanks to high tariffs and faces a 17% import tax in Europe, leading the company to invest in local factories such as the one in Hungary. The Chinese automaker is also set to break ground on a factory in Turkey in the coming years, and executives at the Warren Buffett-backed automaker have said that plans for a third European factory are under consideration. That poses a huge threat to Tesla, which has a gigafactory in Germany and counts Europe as its third-biggest market. Elon Musk's carmaker sold 327,000 vehicles in Europe last year but has seen sales collapse in 2025 amid intense backlash over Musk's interventions in European politics and support for the German far-right AfD party. Tesla's sales in Europe have fallen 37% in the first three months of the year, while BYD's have surged by nearly 300%. Hungary has proven to be a welcoming environment for Chinese companies looking to put down roots in Europe. Battery giant CATL, which is the world's largest manufacturer of EV batteries, is also building a $7.6 billion factory in the country as it seeks to tighten its grip on the continent's battery industry. The presence of Chinese companies has sparked tensions with the European Union, which counts Hungary as a member.
Business Insider
30-04-2025
- Automotive
- Business Insider
Satellite photos show how BYD's massive European factory is taking shape as it brings the fight to Tesla
Satellite imagery shows how BYD's massive new car plant in Hungary is taking shape. After crushing Tesla in China, the EV giant aims to take advantage of Elon Musk's woes in Europe. The $4.5 billion factory is expected to produce around 200,000 vehicles a year from late 2025. BYD is building a massive factory in Hungary as it looks to overtake Elon Musk's Tesla in Europe. The 300-hectare site on the outskirts of Szeged, Hungary, is expected to have a maximum capacity of around 200,000 vehicles a year, and satellite images provided to BI by Planet Images show how the factory is rapidly taking shape. Construction of the site began last year, with a Hungarian official confirming last November that the first BYD EV is expected to roll off the line in the second half of 2025. The estimated €4 billion ($4.5 billion) investment is the latest step in BYD's quest for European domination. Having conquered China's brutally competitive electric vehicle market, the Chinese EV giant is eyeing overseas expansion, exporting a record number of electric vehicles and hybrids in the first quarter of 2025. BYD is barred from the US market thanks to high tariffs and faces a 17% import tax in Europe, leading the company to invest in local factories such as the one in Hungary. The Chinese automaker is also set to break ground on a factory in Turkey in the coming years, and executives at the Warren Buffett-backed automaker have said that plans for a third European factory are under consideration. That poses a huge threat to Tesla, which has a gigafactory in Germany and counts Europe as its third-biggest market. Elon Musk's carmaker sold 327,000 vehicles in Europe last year but has seen sales collapse in 2025 amid intense backlash over Musk's interventions in European politics and support for the German far-right AfD party. Tesla's sales in Europe have fallen 37% in the first three months of the year, while BYD's have surged by nearly 300%. Hungary has proven to be a welcoming environment for Chinese companies looking to put down roots in Europe. Battery giant CATL, which is the world's largest manufacturer of EV batteries, is also building a $7.6 billion factory in the country as it seeks to tighten its grip on the continent's battery industry. The presence of Chinese companies has sparked tensions with the European Union, which counts Hungary as a member. Last month, The Financial Times reported that the EU was investigating whether BYD's Hungarian plant had received unfair subsidies from the Chinese government.
Yahoo
01-04-2025
- Automotive
- Yahoo
BYD is piling on the pain for Tesla. These 5 charts break down how the rivals square up.
Tesla and BYD are locked in a battle to become the world's largest EV company. BYD has piled the pain on its rival so far this year, with sales and revenue surging as Tesla stutters. Business Insider crunched the numbers to see how the two companies square up. Chinese EV maker BYD is piling the pain on Tesla. It's reported soaring sales and revenue even as Tesla has been battered by plunging sales in China, a diving stock price, and public backlash against CEO Elon Musk's work for DOGE. As BYD and Tesla square off, here are five charts showing how the two companies compare. BYD's overall vehicle sales dwarfed Tesla's last year. The Warren Buffett-backed EV giant sold 4,272,000 vehicles in 2024, compared to Tesla's 1,789,200. The caveat is that BYD, unlike Tesla, sells hybrids as well as EVs. The Chinese firm sold 1,764,992 battery-electric vehicles in 2024, meaning it fell just short of Tesla's EV sales crown. Tesla will face a fight to retain its status as the world's largest EV maker this year, with sales plunging across the globe in the first few months of the year even as BYD has surged. BYD reported blowout full-year earnings last week, with revenues overtaking Tesla's for the first time since 2018. The Chinese EV giant reported annual revenues of 777 billion yuan ($107 billion) in 2024, a near-30% rise from the previous year. That saw BYD leapfrog Tesla's annual revenue for 2024, which came in at $97.7 billion. BYD's profits also surged in 2024. The automaker said last Monday that net profit jumped 34% year-over-year to just over 40 billion yuan ($5.55 billion). That still leaves it behind Tesla, with Elon Musk's company booking $7.1 billion in net profit in 2024. One thing that sets Tesla and BYD apart from legacy automakers is that they both make much more than cars. The two companies have their own side hustles, with about 21% of Tesla's revenue last year coming from its energy generation and services businesses. In addition to selling Megapack and Powerwall battery systems, Tesla also sells regulatory credits to rivals that failed to sell enough EVs to meet government quotas. BYD, meanwhile, has a lucrative side business assembling and building components for smartphones, including Apple's iPhone. The Chinese company, which began its life making phone batteries, said a fifth of its revenue last year came from "mobile handset components, assembly service and other products." Tesla's share price fall since the start of the year has been one for the history books. Investor concerns over Musk's work at DOGE and some alarming sales figures have seen the automaker's stock slump 30% this year, despite a recent resurgence following Elon Musk's late-night all-hands in March. By contrast, BYD's stock has surged in 2025 and hit a record high earlier in March after BYD announced new fast-chargers it said could charge an electric car in five minutes. Tesla stock fell 5% that day as BYD announced its new "super E-platform." Read the original article on Business Insider Sign in to access your portfolio
