Warren Buffett-Backed Tesla Rival's Car Catches Fire At Charging Station

A BYD Co Ltd BYDDY BYDDF electric vehicle reportedly caught fire while at a charging station in Hong Kong on Thursday.

What Happened: The vehicle caught fire while charging at a charging station called Speed+ on Lam Hing Street in Kowloon Bay, South China Morning Post reported. The driver, a 53-year-old woman, was inside the vehicle when she heard a bang within 15 minutes of charging.

The driver stepped out and subsequently informed the police, the report said, while adding that no casualties were reported.

The car bonnet was burnt in the incident and the front bumper was partly detached. The cause of the fire is suspected to be a short circuit in the vehicle’s charger, the report said, citing a source familiar with the matter.

BYD did not immediately respond to Benzinga’s request for comment.

Why It Matters: Chinese EV maker BYD, backed by Warren Buffett, makes plug-in hybrids and battery-electric vehicles. It was not immediately clear whether the vehicle involved in the incident was a hybrid or a pure electric vehicle. Details on make and model year are also unavailable.

In the fourth quarter, BYD took over Tesla as the world’s largest EV maker, selling more BEVs than its U.S. counterpart. In 2023, the company sold about 3 million new energy vehicles in total, including about 1.6 million BEVs.

Meanwhile, Buffett's Berkshire Hathaway has been trimming its stake in BYD. In late November, it was reported that the company sold about 3.23 million Hong Kong-listed shares of BYD for HK $630.33 million ($80.7 million).

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BYD Photo by A. Aleksandravicius on Shutterstock