Buffett-backed BYD to sell EV vehicles in Japan early next year

Buffett-backed BYD to sell EV vehicles in Japan early next year

After announcing its Mexico foray, Warren Buffett-backed BYD Co. backed BYDDF Japanese division said it would sell its first battery electric vehicles in the country early next year.

What Happened: China's BYD said it would roll out an electric sports utility vehicle, ATTO 3, in Japan starting January 31 as the company strengthens its plan to sell or make its cars available across top automobile markets, Reuters reported.

The world's largest EV maker said the car has a cruising distance of 485 kilometers and will cost 4.4 million yen $32,735. The Japan unit is aiming to introduce two more models by the end of 2023 and launch more than 100 dealerships in the Asian nation by the end of 2025.

In late January, the company plans to open tentative retailers in 22 cities, but is eager to cover all 47 prefectures, according to BYD's Japan chief Atsuki Tofukuji. He said that we hope that we can make our presence felt little by little as we work toward carbon neutrality and our customers demand a variety of choices.

Why It Matters: Although gasoline-electric hybrid models are more popular than electric vehicles in Japan, the share of battery driven cars is expected to grow as non-Japanese automakers like BYD and Volkswagen are paving their way into the market.

In November, Buffett sold about 3.23 million Hong Kong-listed shares of BYD for HK $630.33 million $80.7 million. Berkshire's stake in BYD fell from 16.28% to 15.99% as of November 17, keeping Berkshire a large shareholder.

BYD delivered 113,915 units of battery EVs, up nearly 147% from the year-ago period, according to the November data.

The price action of Price Action: BYD's U.S. listed OTC shares closed Friday at $25.88, up 3.24%, according to Benzinga Pro data.

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