Last month, BYD sold 500 units in India - which is ~0.1% of its global sales (3.8 Lakh units)
With a 5 minute charge, the newest BYDs in China offer 500+ km range - this is almost x50 faster than the time it takes for my 2022 MG ZS to charge up for the same range!!
Wang Chuanfu, Chairman of BYD said: “Our goal is to make charging as fast as refueling petrol cars.”
There is a reason why Buffett bought 9.99% of this company and has made 15x return on BYD ⤵️
With a 5 minute charge, the newest BYDs in China offer 500+ km range - this is almost x50 faster than the time it takes for my 2022 MG ZS to charge up for the same range!!
Wang Chuanfu, Chairman of BYD said: “Our goal is to make charging as fast as refueling petrol cars.”
There is a reason why Buffett bought 9.99% of this company and has made 15x return on BYD ⤵️
Every journey begins with the founder:
Wang Chuanfu, BYD Chairman, grew up as an orphan. He studied chemical engineering and started working in 1990 - he became a GM at a local battery company in 1993.
He took a loan of ~$2.500 in 1995 from his cousin to start the BYD - Build Your Dreams - battery company
The late Charlie Munger described Wang Chuanfu as “a combination of Thomas Edison and Jack Welch”
Wang is worth $30bn today - but he isn’t the typical billionaire:
(a) He drives himself around
(b) Works 70+ hours per week
(c) Shows up on the factory floor in the BYD employee outfit
(d) Stays walking distance from the factory
An early BYD investor said: “His life is all about BYD; nothing else. This guy is cheap - he’s saving money (all the time) for you (the shareholder / customer).”
Founder obsession → company succession:
Wang Chuanfu, BYD Chairman, grew up as an orphan. He studied chemical engineering and started working in 1990 - he became a GM at a local battery company in 1993.
He took a loan of ~$2.500 in 1995 from his cousin to start the BYD - Build Your Dreams - battery company
The late Charlie Munger described Wang Chuanfu as “a combination of Thomas Edison and Jack Welch”
Wang is worth $30bn today - but he isn’t the typical billionaire:
(a) He drives himself around
(b) Works 70+ hours per week
(c) Shows up on the factory floor in the BYD employee outfit
(d) Stays walking distance from the factory
An early BYD investor said: “His life is all about BYD; nothing else. This guy is cheap - he’s saving money (all the time) for you (the shareholder / customer).”
Founder obsession → company succession:
About BYD 🔋
Today, BYD has a MCap of ~$135bn and employs 9 Lakh people
BYD was initially a battery manufacturer, it entered the automobile manufacturing business in 2003 when it acquired Xi’an Qinchuan Automobile; its first EV was the e6 launched in 2009
Berkshire Hathway bought 9.99% of BYD for ~$230M in 2008 - it is widely believed that Wang drank some of the battery fluid during an investor meeting to show how safe it was 😂
The company’s vehicle output has skyrocketed from 5 Lakh vehicles in 2017 to 40 Lakh vehicles in 2024
BYD is all about efficiency: Their 1st overseas plant (Thailand) went from groundbreaking to operations (1.5 Lakh units per year) in ≤ 16 months
Today, BYD has a MCap of ~$135bn and employs 9 Lakh people
BYD was initially a battery manufacturer, it entered the automobile manufacturing business in 2003 when it acquired Xi’an Qinchuan Automobile; its first EV was the e6 launched in 2009
Berkshire Hathway bought 9.99% of BYD for ~$230M in 2008 - it is widely believed that Wang drank some of the battery fluid during an investor meeting to show how safe it was 😂
The company’s vehicle output has skyrocketed from 5 Lakh vehicles in 2017 to 40 Lakh vehicles in 2024
BYD is all about efficiency: Their 1st overseas plant (Thailand) went from groundbreaking to operations (1.5 Lakh units per year) in ≤ 16 months
Berkshire’s 15x from BYD 📈
BYD has a slightly complicated share structure - while I said Berkshire bought 9.99% of BYD - I should have clarified that it bought 9.99% of BYD’s H-shares.
This is because BYD is a dual listed company:
(a) H-shares in Hong Kong (foreign investors)
(b) A-shares in Shenzhen (domestic Chinese investors)
As of today, Berkshire has trimmed the BYD H-shares position to 4.94%
Net: It invested $230M - the position (including realized gains) is ~$3.6bn to $4.5bn
Late Mr Munger would be proud of this capital allocation decision 🙏
BYD has a slightly complicated share structure - while I said Berkshire bought 9.99% of BYD - I should have clarified that it bought 9.99% of BYD’s H-shares.
This is because BYD is a dual listed company:
(a) H-shares in Hong Kong (foreign investors)
(b) A-shares in Shenzhen (domestic Chinese investors)
As of today, Berkshire has trimmed the BYD H-shares position to 4.94%
Net: It invested $230M - the position (including realized gains) is ~$3.6bn to $4.5bn
Late Mr Munger would be proud of this capital allocation decision 🙏
BYD in India 🇮🇳
BYD launched in India in 2022 with the Atto 3 SUV which it was assembling in a Chennai plant
In May 2025, it recorded peak sales of ~500 units in India which is very small:
(a) Less than 2% of its global sales
(b) Less than 3.85% of EV sales in India
BYD has run into problems in India:
(i) Geopolitical tension b/w India & China
(ii) $1bn JV investment for domestic manufacturing got blocked
(iii) Preference for Western OEMs e.g. Tesla
But, there are several EV fleets in India using BYDs now:
BYD launched in India in 2022 with the Atto 3 SUV which it was assembling in a Chennai plant
In May 2025, it recorded peak sales of ~500 units in India which is very small:
(a) Less than 2% of its global sales
(b) Less than 3.85% of EV sales in India
BYD has run into problems in India:
(i) Geopolitical tension b/w India & China
(ii) $1bn JV investment for domestic manufacturing got blocked
(iii) Preference for Western OEMs e.g. Tesla
But, there are several EV fleets in India using BYDs now:
My first BYD experience was with Shoffr earlier this year at the BLR Airport:
Shoffr is a BLR based chauffer service which has approx. 200+ BYD vehicles deployed in its fleet across BLR and NCR
I use Shoffr for all of my BLR airport commutes! BYD vehicles are a real luxury with a ton of boot space!
My first Shoffr experience:
x.com/Rahul_J_Mathur…
While I have major regret for not investing in Shoffr, I have enjoyed the experience with them - whole heartedly recommend using them!
Shoffr is a BLR based chauffer service which has approx. 200+ BYD vehicles deployed in its fleet across BLR and NCR
I use Shoffr for all of my BLR airport commutes! BYD vehicles are a real luxury with a ton of boot space!
My first Shoffr experience:
x.com/Rahul_J_Mathur…
While I have major regret for not investing in Shoffr, I have enjoyed the experience with them - whole heartedly recommend using them!
While BYD will struggle with its India market entry - Tesla is finally ready to go live in India on 1st August 2025 - Tesla aims to produce 5 Lakh units per month in India.
BYD has recently overtaken Tesla in global EV sales for 2 quarters now - which is a remarkable achievement!
Keeping geopolitics aside, one has to admire both Musk and Wang for building Tesla & BYD into global powerhouses (quite literally) - Musk is out there, Wang is a quiet man - both approaches work - both vehicles have an engaged fan base 👍
BYD has recently overtaken Tesla in global EV sales for 2 quarters now - which is a remarkable achievement!
Keeping geopolitics aside, one has to admire both Musk and Wang for building Tesla & BYD into global powerhouses (quite literally) - Musk is out there, Wang is a quiet man - both approaches work - both vehicles have an engaged fan base 👍
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