BYD Company (BYDDY), the Chinese EV maker stated in a company filing on Wednesday that it was putting on hold its plan to spin off its chip subsidiary and listing it on the Shenzhen Stock Exchange. Instead, BYD will be concentrating on raising its automotive-semiconductor unit’s output in order to meet the rising demand for EVs.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The Warren Buffet-backed company stated in its company filing, “BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity.”
Buffet’s Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) has around a 7% stake in BYD.
BYD added that it plans to accelerate investments to increase its chip-making capacity including its recent investment in a chip factory in Jinan, in eastern China.
