Is Warren Buffett going to give up his gains on BYD, the Chinese car company he’s been so bullish on?
The company just announced a 99% earnings collapse, according to Bloomberg, thanks to weak sales, continuing a string of disappointing turns for the company.
Mainland China sales are weak, it has delayed plans to export to the US, and recently 7 factories were seized by the government.
The severity of the decline obviously took the market by surprise.
Shares plunged 10%.