Electric vehicle (EV) stocks maintain a cult following in the market, and for good reason. Many EV makers are now pushing the envelope with new technology, and nowhere is that more evident than in China. Chinese automakers have transitioned from playing catch-up to setting the pace in the global EV market, driven by robust government support and rapid advancements in battery technology. Among many such Chinese automakers, one breakout star is BYD (BYDDY).
Legendary investor Warren Buffett was certainly ahead of the curve when he placed an early bet on BYD in 2008, long before it became a global EV powerhouse. While Tesla (TSLA) continues to dominate headlines in the EV space, BYD has been steadily gaining ground, so much so that it’s now outperforming the Elon Musk-led company in key financial metrics. Last year, BYD surpassed Tesla in annual revenue, and in the first quarter of this year, it left Tesla in the dust with a staggering $1.3 billion in net profit, more than triple Tesla’s $409 million.
