Chinese EV Maker BYD Pushes Regional Growth as Buffett Exits Stake
Chinese electric vehicle manufacturer BYD is advancing its expansion strategy in Egypt through high-level government discussions, even as the company navigates significant shareholder changes. Prime Minister Mostafa Madbouly met with BYD executives led by Executive Vice President Stella Li to discuss strengthening cooperation and localizing EV production in the North African country. The meeting, attended by Vice Prime Minister for Industrial Development Kamel El-Wazir and officials from Mansour Group, highlighted Egypt's commitment to accelerating its transition to green mobility.
The Egyptian government emphasized its focus on building a competitive EV industry supported by BYD's global leadership and technological expertise. Madbouly praised the resilience of the partnership between BYD and Mansour Group in the automotive sector, while El-Wazir affirmed that the Ministry of Industry would extend all possible support to ensure the success of the cooperation. Mansour Group officials noted that the joint venture with BYD is positioned to deliver advanced, high-quality EVs to Egyptian consumers while strengthening the sector's local manufacturing base.
BYD's expansion plans coincide with Warren Buffett's Berkshire Hathaway completing its exit from the Chinese automaker after a 17-year investment. Berkshire fully sold its stake in BYD, ending one of the most profitable foreign bets in the conglomerate's history. BYD framed the divestment as routine, with Executive Vice President Stella Li telling CNBC that Berkshire's decision was business as usual and that Buffett and Charlie Munger "loved" BYD and its management. The company acknowledged Berkshire's departure in a Weibo post, thanking the investors for their support over nearly two decades.
Despite the shareholder change, BYD continues to execute its global strategy, with Stella Li presenting the company's plans for Egypt that include rolling out latest EV and new energy models and integrating local manufacturing. The company, which has grown from its 1995 founding to become one of the world's leading manufacturers of electric and hybrid vehicles with cumulative sales surpassing 13.4 million units, views Egypt as a promising hub for its green transport ambitions in the region. BYD's portfolio spans fully electric cars, plug-in hybrids, buses, trucks, and commercial vehicles, supported by its in-house Blade Battery technology recognized for safety and durability.
