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This Warren Buffett Backed Company Just Beat Tesla
The Chinese automotive giant is taking the EV industry by storm
2022 has finally drawn to a close, and it was a blockbuster year for electric vehicles. More than 10 million units were sold — an increase of over 50% from 2021. Electric vehicles now account for 13% of global vehicle sales with the vast majority of those being purely electric vehicles (just under one-third are plug-in hybrids, which have both a fuel-powered engine and an electric battery).
Within this dramatic increase in EV sales, two companies stood above the rest. One of those companies is a household name with an increasingly controversial CEO. The other is little-known outside of China, yet has the backing of the world’s most legendary investor.
The well-known company is, of course, Tesla. With their 2022 results in hand, by any metric they were impressive. They sold more than 400,000 vehicles in the fourth quarter (an all-time record), which added up to over 1.3 million on the year. That’s more than 40% growth compared to last year, and well over two times their 2020 sales. They also began production of their revolutionary new 4680 batteries that will allow for higher density and lower costs. Two new factories — in Austin, Texas and Berlin, Germany — ramped up production and will continue to turn…
