Perhaps you didn’t read that whole article..this is not the only Chinese company reporting losses and lower sales and deliveries. This is not supply driven but demand loss…(from the article)
Xpeng shares were down after the company reported earnings that missed expectations and forecast a
plunge in car sales.
revenue in the first quarter plunged 50%
deliveries of its vehicles to be between 21,000 and 22,000 in the second quarter, representing a year-over-year decrease of 36.1% to 39.0%.
…and as much as I respect Buffet…even the Oracle makes mistakes…Like US Air and more recently….
Berkshire Hathaway CEO
Warren Buffett admitted to investors in his
annual letter Saturday th
at a mistake he made led to an $11 billion loss in 2020, even as quarterly profits continued to rise.
Buffett wrote that Berkshire had to write down the value of Precision Castparts, a manufacturer that makes parts for aerospace and defense companies, accounting for almost all of the loss.
Berkshire acquired the Portland, Oregon-based company in a $37.2 billion deal in 2016.
“I paid too much for the company,” the billionaire admitted in his latest annual letter.
“No one misled me in any way –
I was simply too optimistic about PCC’s normalized profit potential,” he wrote. “Last year, my miscalculation was laid bare by adverse developments throughout the aerospace industry, PCC’s most important source of customers.”
