Warren Buffett–Backed Chinese Automaker To Begin Selling 3 EV Models In Japan In 2023

Warren Buffett's Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B)-backed Chinese electric vehicle giant BYD Co. Ltd BYDDY BYDDF is eyeing Japan's passenger car market to expand its global footprint. 

What Happened: BYD will start selling its electric cars in Japan next year, the company said in a statement on Thursday.

The Shenzhen-based automaker held a conference in Tokyo and unveiled its plans to launch a mid-sized all-electric SUV, ATTO 3, in January 2023

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The company plans to launch two additional EV models — the e-Compact Dolphin in mid-2023 and the high-end SEAL sedan in the second half of 2023.

The move comes as part of the Chinese auto giant's push to boost its global presence.

BYD is already selling electric cars and plug-in electric hybrids in several global markets, including Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia.

Price Action: The Hong Kong-listed stock of BYD plunged nearly 1.25% during the trading session on Thursday and the Shenzhen-listed stock fell about 2.17%. According to data from Benzinga Pro, OTC shares of BYD closed 2.48% lower in the U.S. on Wednesday.

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