Chinese electric vehicle champion BYD has reported a 60% surge in sales in the first quarter of the year as archrival Tesla stumbles.

An obscure battery-maker has become one of the world’s fiercest EV giants — and a perfect fit for Buffett’s Berkshire Hathaway. Warren Buffett doesn’t place bets — he makes investments. Big difference.

Vehicle sales at China’s BYD soared 58 per cent in the first quarter in a stark contrast to an expected fall in demand for Tesla’s electric cars, as European consumers shun Elon Musk’s brand. The Shenzhen-based group on Tuesday said it delivered 986,098 passenger vehicles in the first quarter, of which 416,388 were pure EVs, up 39 per cent.