27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
- BYD Co., Ltd. (OTC:BYDDF) (OTC:BYDDY) does not propose to foray into the U.S. passenger car market for now, founder Wang Chuanfu said.
- At a post-earnings briefing on Wednesday, the Chinese Tesla, Inc (NASDAQ:TSLA) rival said that its home market of China has already entered a “full-expansion phase” for new-energy vehicles, Bloomberg reports.
- The U.S. is the next biggest EV market after China, where a price war has erupted between BYD, Tesla, and other EV makers.
- Wang does not foresee any impact from President Joe Biden’s Inflation Reduction Act due to the move.
- The Warren Buffett-backed EV maker sold 1.86 million electric and plug-in hybrids in 2022, accounting for 30% of all new-energy vehicle sales in China, with half of them battery-only EVs. In comparison, Tesla delivered 1.31 million EVs globally.
- BYD has expanded its footprint overseas, including Norway, Denmark, the U.K., Thailand, and Australia.
- Wang predicted that developing clean-energy vehicles would lead to a reshuffling within the global auto industry.
- Recently, BYD reduced shifts at two auto assembly plants in China, signifying weaker demand in the largest auto market.
- Reportedly, BYD has been cutting back on production in the face of weaker industry-wide demand in China since the start of the year.
- BYD has also been slowing output since the start of the year when industry-wide sales began to stall, and China terminated a national subsidy program for EVs.
- Analysts have credited aggressive discounts for creating some demand as other automakers borrowed a leaf out of Tesla into a price war over market share, but industry-wide inventories have been piling.
- Photo via Company
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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