VENTURE CAPITAL POST

Chinese EV giant BYD secures $3.7B government funding, solidifying global dominance. Concerns rise over unfair competition, prompting EU investigation.

China's BYD, backed by Warren Buffett's Berkshire Hathaway, has announced a profit increase of over 80% in its first set of annual earnings after stealing Tesla's crown as the world's top seller of electric vehicles (EVs).

Tesla is eyeing to expand in Southeast Asia to tap into the region's fast-growing electric vehicle (EV) market, where the US automaker faces competition from China's BYD.

Warren Buffett-backed BYD has seized the top position in China's car market, ending Volkswagen's 15-year reign.

Faraday Future comes as a new challenger for Tesla in building electric car. The Chinese-backed startup company has invested $1 billion to build factory in America. Other than electric car, Faraday Futures also prepares "rolling smartphone" as a different business model in automotive industry.

Chinese automaker BYD (1211.HK) Co Ltd (002594.SZ), backed by Warren Buffett's Berkshire Hathaway Inc (BRKa.N), aims to triple its production of batteries as it takes on Tesla Motors (TSLA.O) in the race to supply electric vehicles and boost energy storage.

BYD Co Ltd 002594.SZ(1211.HK), the Chinese carmaker backed by Warren Buffett, said on Wednesday its chairman has increased his stake in the company and may buy more shares as a sign of confidence following the stock's record slump last week.

BYD Co Ltd is in the midst of a comeback thanks to a jump in sales of its gasoline-fueled cars.