3 6 Ke·2025-09-25 04:11Core Insights - Warren Buffett's investment in BYD has concluded successfully, yielding approximately 38 times the return on investment, benefiting both Buffett and BYD in a mutually advantageous scenario [1][20]. - The investment marks a significant deviation from Buffett's traditional investment preferences, as he typically avoids technology and automotive sectors, particularly in emerging markets like China [2][4]. Investment Context - The investment in BYD occurred during a pivotal moment in 2008, amidst the global financial crisis, when Buffett made several landmark investments despite his usual caution towards technology and automotive stocks [2][4]. - At the time of investment, BYD was a relatively small Chinese automaker, just beginning to explore the electric vehicle market, which was still in its infancy [4][5]. Industry Evolution - The global energy landscape was shifting in 2008, with significant events such as the Beijing Olympics promoting clean energy initiatives, which aligned with BYD's focus on electric vehicles [5][6]. - Various countries, including the U.S. and EU nations, began implementing supportive policies for the electric vehicle sector, indicating a broader global trend towards renewable energy [6][7]. Competitive Landscape - BYD's rise has significantly altered the automotive industry, establishing itself as a leader in the electric vehicle market and challenging established players like Tesla [17][18]. - In 2023, BYD became the largest automobile exporter globally, surpassing Japan, with a notable increase in electric vehicle exports [18]. Structural Changes - The investment by Buffett and the subsequent growth of BYD have led to profound changes in the Chinese automotive supply chain, impacting the financial dynamics of traditional automakers and suppliers [20]. - The structural shift in the industry has resulted in a concentration of profits among major stakeholders like Buffett and BYD's founder, Wang Chuanfu, while smaller suppliers face increased financial risks [20]. Long-term Vision - The strategic commitment to developing the electric vehicle sector in China has been characterized by significant long-term investments and a unified national approach, distinguishing it from the more fragmented efforts seen in Western markets [21][22].