Charlie Munger, Warren Buffett‘s right-hand man and vice-chairman of Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) discussed the challenging landscape of the automotive industry and how the influx of electric cars, new capital requirements and tough unions have complicated the sector.
The remarks were made during a recent interview on the Acquired podcast, Business Insider reported. Munger also expressed his preference for BYD CEO Wang Chuanfu over competitor Tesla’s CEO Elon Musk.
The 99-year-old investor recalled his venture-capital type investment in BYD Company Limited (OTC:BYDDF), a Chinese battery maker that has evolved into a major player in the electric vehicle market. Back in 2008, Munger persuaded Buffett to acquire a 9.9% stake in BYD for $232 million, a stake which has since grown 35-fold in value.
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