BYD Achieves Record Growth in Production and Revenue, Surpasses Tesla in Quarterly Earnings.
Berkshire Hathaway Continues to Reduce Its Stake in Apple Amid Record Cash Reserves.
Volvo Sales Surge in October, Driven by Strong Demand for Electric and Hybrid Cars in Europe.
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BYD
BYD achieves record growth in production and revenue, surpassing Tesla in quarterly earnings.
Chinese electric vehicle (EV) giant BYD announced a significant expansion in its production and hiring between August and October 2024. The company added around 200,000 units to its production during this period and hired approximately 200,000 new employees in areas related to car manufacturing and components. This expansion reflects the company’s strong growth, with an 11.5% increase in net profit for the third quarter.
BYD’s revenue also surged 24% year-over-year between July and September, reaching 201.1 billion yuan (approximately $28.24 billion). For the first time, BYD’s quarterly earnings exceeded Tesla’s since BYD ceased producing gasoline-powered cars in 2022, further strengthening its competitive position in the EV market.
Berkshire Hathaway
It continues to reduce its stake in Apple amid record cash reserves.
Berkshire Hathaway has continued to reduce its stake in Apple during the third quarter of this year,
despite Apple’s stock rising by 10.6% during that period.
The investment group cut its stake in Apple by 25%, following a previous reduction of about half in the second quarter.
CEO Warren Buffett did not provide specific insights regarding Apple at the company’s most recent annual shareholders meeting.
According to its financial report released on Saturday, Berkshire’s current stake in Apple is valued at around $69.9 billion,
compared to $174.3 billion at the end of last year, a decrease of nearly 60%.
Buffett, often referred to as the “Oracle of Omaha,” mentioned during the company’s May annual meeting that some of the Apple stock sales during the first quarter were tax-driven while affirming that Apple remains the group’s largest investment.
Meanwhile, Berkshire hit a record high in cash reserves, with $352.2 billion by the end of the third quarter, the highest in its history. Buffett noted that the company is not in a rush to spend this cash unless it finds a low-risk, high-return investment opportunity.
Berkshire also sold $34.6 billion worth of stocks during the period, bringing its total net sales for the year to $127.4 billion. However, its operating earnings fell by about 6% compared to last year, recording $10.1 billion.
Volvo
Its sales surged in October, driven by strong demand for electric and hybrid cars in Europe.
Volvo Cars announced a 3% increase in sales for October 2024 compared to the same month last year, with total sales of 61,680 vehicles.
The company, primarily owned by China’s Geely, attributed this growth to a rise in demand for electric and hybrid cars in Europe,
where sales jumped by 21% to 30,167 vehicles.
In contrast, sales in the United States and China dropped by 17% and 10%, respectively.
Globally, Volvo noted that sales of electric and hybrid vehicles rose by 40%, accounting for 48% of its total sales in October.
BYD Achieves Record Growth in Production and Revenue