Is the stage set for an EV boom in India?
When Warren Buffet’s Berkshire Hathaway invested $232 million into China’s BYD, it was a nascent startup that had just started selling electric vehicles. Fourteen years on, Berkshire’s stake is worth $7.5 billion dollars and BYD has dethroned Tesla as the world’s biggest EV maker by sales.
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Between April and June, BYD shipped 3.54 lakh EV units, an increase of 266% year-on-year, while Tesla’s global sales grew 27% to over 2.54 lakh units. It also overtook South Korea’s LG Energy as the world’s second-biggest EV battery manufacturer, behind China’s CATL.
