BYD Shares Rise on China EV Tax Exemption
BYD Co., the automaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., rose to a two-month high in Hong Kong after the People’s Daily today reported China’s government will exempt three of the company’s electric car models from vehicle-usage tax charges.
BYD gained as much as 6.7 percent to HK$22.20, the highest intraday level since Nov. 15, before changing hands at HK$21.50 as of 1:45 p.m. in Hong Kong. The stock has risen 28 percent this year, compared with a 3.1 percent increase in Hong Kong’s benchmark Hang Seng Index.
As many as 42 electric passenger cars were exempted from payment of vehicle-usage tax earlier this month amid efforts by the Chinese government to encourage use of electricity and other alternative energy in personal transportation. The existing annual usage levy ranges between 60 yuan ($9.50) and 5,400 yuan based on engine size.
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