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China: Warren Buffett-backed BYD slumps after crash in China

BEIJING/HONG KONG (Reuters) – Shares of Warren Buffett-backed Chinese automaker BYD Co Ltd <1211.HK><002594.SZ> slumped in heavy volume on Monday after a deadly weekend accident involving one of its electric vehicles which caught fire, according to media reports.

A Nissan GT-R crashed into a BYD e6 taxi at high speed in the southern Chinese city of Shenzhen early on Saturday. The all-electric battery car caught fire and three people were killed, Chinese media reported, citing police.

A BYD official said the company was “sorry for the deaths” the accident caused but declined to comment on the cause.

“The accident is under police investigation and we’re waiting for its results,” the official said.
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