January 31, 2023

Warren Buffett-backed Chinese EV maker BYD in talks to acquire insurer Yi'an; sees record profit in FY2022

As expensive electric vehicles repairs weigh on insurance providers, China’s EV manufacturer BYD (OTCPK:BYDDF) is working on a potential acquisition of Yi’an P&C Insurance Co., Reuters reported on Tuesday.

“The acquisition is ongoing,” BYD said in a statement on Tuesday, referring to the reported deal to Reuters.

Yi’an P&C Insurance was among nine firms that was seized by Chinese regulators in July 2020 as part of a crackdown on financial conglomerates.

As per the report published on the Shenzhen Stock Exchange on Monday, the company expects Q4 net profit as high as RMB7.7B ($1.1B) and FY2022 net profit of RMB16B to RMB17B, up 425.42%-458.26% Y/Y.

FY EPS to come in between RMB5.5 to RMB5.84 on the revenue of more than RMB420B.

Meanwhile, Ford is also discussing the sale of its manufacturing plant in Saarlouis, Germany to BYD.

Stock has gained more than 25% since the start of 2023.

Sources

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