© Reuters. Berkshire’s Charlie Munger says BYD is far ahead of Tesla (TSLA), calling it ‘almost ridiculous’
Michael Elkins
Charlie Munger, vice chairman of Berkshire Hathaway (NYSE:), attended the Daily Journal’s virtual annual meeting on Wednesday to discuss the state of electric vehicles in China. The billionaire investment banker said on the show that Tesla (NASDAQ:) pales in comparison to his BYD (SZ:) (OTC:) in China, calling the Chinese electric car maker Tesla the best ever. I called it my favorite stock.
“I never helped anything at Berkshire. [Hathaway] It was as good as BYD, and I’ve only done it once. Berkshire’s initial investment is now “around $8 billion, or maybe worth it.” [$9 billion]That’s a pretty good yield,” said Munger, a longtime investment partner of Warren Buffett.
Berkshire first purchased 220 million shares of BYD in September 2008. The stock has risen more than 600% over the past decade, amid the massive growth of electric vehicles.
“At the current BYD share price, a fraction of BYD is worth more than the entire Mercedes company.
Asked whether he would prefer to invest in Tesla or BYD, Munger said the answer was simple.
“Tesla cut prices twice in China last year. said Mr.
A longtime investor called Tesla CEO Elon Musk talented and “unique.” He has previously called what Musk has achieved in the car business a “small miracle.”
“I’m not buying him, I’m not shorting him,” Munger said Wednesday.
TSLA shares are down 0.42% in pre-market trading on Thursday.