Byd Instead Of Tesla – Investment Fund Builds Byd Position
Jun 27,2022 | Chloe Lacour
BYD is one of Tesla's toughest competitors and has recently been able to show strong sales figures despite difficult circumstances in its home country of China. This was also reflected in the company's shares, which have had a strong performance since March. That made for gains at a Korean fund.
The Korea Investment Management Fund has made a change of favorites among electric car manufacturers. The fund steadily reduced its position in Tesla from 9% to 3%. Part of the money went to the Chinese competition. With BYD falling in March, which fund manager Hwang Woo-take said was excessive, the fund built up a stake there. Another investment went into the e-car start-up XPeng.
The Korean fund manages a total of over 887 million dollars and has also benefited from Tesla's price increases in the past. The fund reduced its stake in the electric-car pioneer to take profits from its top holdings, Hwang said. Over the long term, however, the fund remains positive on Tesla.
Chinese car manufacturers, above all BYD, have recently been increasingly favored by experts. Together with the strong price performance and the solid operating business, this continues to give cause for optimism for the share. Invested investors remain on board with the SHAREHOLDER recommendation.
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