China's Zhengzhou Yutong ceding potential US sales of buses to Buffett's BYD

Beijing

WARREN Buffett's rival in the electric-bus business is ceding potential US sales to the billionaire's BYD Co, saying there are enough profits to make in countries that are more welcoming to Chinese products.

Tang Yuxiang, chairman of Zhengzhou Yutong Bus Co, said that the world's biggest bus maker has vehicles in more than 130 markets outside the US - including Singapore, Russia and Saudi Arabia. That helped power a revenue increase of 15 per cent last year, extending the company's streak of higher profits to 21 straight years since he took charge.