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The rankings of automobile manufacturers were released and the greatest change was the fact, that BYD surpassed Volkswagen to reach third place.
BYD was founded in 1995 as an advanced battery manufacturer and consumer electronics company. It entered the auto market in 2003 and manufactures buses, trucks, forklifts, and others. The company also produces batteries and electronic components.
This stock touched a 52-week high yesterday, and continues to grow, read more?
The company is backed by veteran investor Warren Buffett's company Berkshire Hathaway, which holds a 10% stake in the company. Today, BYD is one of the world's largest producers of safe and reliable batteries with over 15,000 patents and is present in 33 different locations globally.
The list was topped by American EV major Tesla whose market cap stood at a massive $740.58 billion! Toyota came in second with a market cap of $227.52 billion, a little over 30% of Tesla while BYD has a market cap of 127.23 billion
The 7 names below BYD were (in order of ranking): Volkswagen ($116.86 billion), Mercedes-Benz ($78.13 billion), BMW ($57.77 billion), General Motors ($55.16 billion), Ford ($53.15 billion), Stellantis ($47.02 billion) & Honda ($43.16 billion).
In April 2022, BYD announced that it was halting production of combustion engine cars as it was moving to focus on EVs and heavily electrified plug-in hybrids. The company also announced that it would be supplying EV batteries to Tesla very soon.
The stock of BYD has seen significant correction as the share touched a low of $42.60 per share in mid-March this year due to unstable global conditions and rising inflation. However, the stock has shown a strong recovery as the stock grew 79.5% in 2.5 months. The stock closed at $76.47 per share yesterday.
Article by Aman Agarwal.
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