The carmaker, which outsold EV rival Tesla in China last year, has been expanding in Singapore, Japan and Europe

Buffet’s Berkshire Hathaway also traded $80.7 million worth of Hong-Kong listed shares in the Chinese automaker in November

BYD captured China's middle-class market with affordable and locally made EVs, pushing ahead of Elon Musk's Tesla, the SCMP said

The new brand will be an addition to Yangwang, a premium brand set for launch in the first quarter of 2023 that it announced last month

Buffett has been trimming his stake in the electric vehicle and battery maker this year, with the first share sale reported in August

The combined market value of BYD's stock listed in Hong Kong and Shenzhen is $87.50 billion

According to its IPO prospectus, the chip unit listing aimed to raise $281 million to fund projects and replenish capital

Japan’s car market is notoriously insular but BYD is banking on its buses, batteries and brand recognition to help it stake a claim

German rental giant Sixt says it will be Europe's first car rental company to offer BYD vehicles

Tesla, the world's largest seller of EVs last year, maintained its lead in the first six months of this year despite running into a few hurdles, the report said

The move is part of BYD's international push, which has seen it open showrooms in New Zealand and Singapore as well as Norway, Brazil, Costa Rica and Colombia

Sixteen automakers including overseas giants such as Tesla and VW recorded monthly deliveries of more 10,000 in China last month