This is a time of change for producers and consumers of electric vehicles around the world. Manufacturers are shifting some production, and governments are easing subsidies. And much of the story is taking place in Asia.
China's leading producer of electric vehicles has no immediate plans to sell them in the United States.
That's the word this week from the founder of BYD — the company that dominates electric vehicle sales in China — and whose longtime shareholders include American investor Warren Buffett.
The Chinese automaker also reported their fourth-quarter profit was eleven times bigger than the pandemic era earnings of a year ago.
More recently, car sales have been tumbling in China.
The economy is sluggish and a government subsidy program for electric vehicles has ended.
That's led to a price war for electric vehicle makers. Tesla was the first to move, while others followed.
In the midst of the price-cutting, BYD has picked up market share — not only from Tesla, but also from other foreign rivals.
The Chinese automaker is also expanding its sales overseas, from Thailand and Australia to the United Kingdom and Norway.
The Straits Times reported that the company is also planning an electric bus assembly plant and battery factory in Indonesia.
As for Buffett, public records show he closed 2022 by selling some of his shares of BYD, but he's far from finished with it.
Buffett still owns about 15% of the company.
