Warren Buffett Makes $1 Billion Profit on Electric Car Maker BYD

"In Less Than a Year

Last fall, Warren Buffett's Berkshire Hathaway bought a 10% stake in Chinese electric car maker BYD last fall (and is reported to have wanted more than 10%), and despite the huge slowdown of the world economy since then and the big slump in car sales, BYD's share has increased about fivefold in value at the Hong Kong stock exchange. This gives Mr. Buffett a cool $1 billion in paper profits (it's a "paper profit" because he hasn't sold his stake). But that's not all, Buffett is now putting more cash in BYD."

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