The Beijing auto show is reportedly serving as the platform for the biggest automakers around the globe to showcase their EVs.
What Happened: The Beijing International Automotive Exhibition, which commenced on Thursday, has brought to the fore the growing influence of EVs in China, Reuters reported. The event is set to run through early May.
The show has seen a surge in the number of new energy vehicles (NEVs) on display, with automakers unveiling a total of 278 NEVs, seven more than last year's event in Shanghai, the report noted.
Chinese EV manufacturers, including BYD (OTC:BYDDF) (OTC:BYDDY) and newcomer Xiaomi, are reportedly the center of attention at the show. Xiaomi CEO Lei Jun announced that the company had received over 75,000 orders for its SU7 sedan, with buyers including owners of luxury cars from the likes of BMW and Audi.
While Chinese EV giant BYD promoted its premium brand Yangwang at the show, its U.S. counterpart Tesla chose not to attend, possibly because the last time it attended an unhappy customer protested against it by climbing atop a display vehicle. The customer then alleged that her car ran into an accident due to brake failure and demanded a refund from the company.
Other foreign automakers, such as Nissan Motor and Mazda Motor from Japan, peddled plans to invest more in local production and research, Reuters said.
Why It Matters: The Beijing auto show's emphasis on EVs underscores the rapid transformation of the Chinese automotive industry. With NEVs accounting for over 50% of cars sold in China, the world's largest auto market is rapidly shifting towards electric mobility.
This shift is also reflected in the strategies of foreign automakers, with companies like General Motors leaving traditional engine vehicles out of their show line-up for the first time, Reuters noted.
In 2008, Berkshire invested around $230 million in BYD, obtaining 225 million shares and a 20.49% stake in Class H shares. Over time, it has reduced its stake and now holds approximately 87.6 million BYD H Shares, equivalent to a 7.98% stake.
Price Action: On Wednesday, BYD's stock BYDDF closed at $25.65, up by 2.05% while its ADR BYDDY closed at $51.21, up by 1.2% on the same day.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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