Berkshire Hathaway reduces its stake in BYD to 8.98% - PingWest
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Berkshire Hathaway reduces its stake in BYD to 8.98%
Berkshire Hathaway reduces its stake in BYD to 8.98%
June 26, 2023 11:58 pm
Berkshire Hathaway, the investment firm owned by Warren Buffett, has sold 2.53 million Hong Kong-listed shares of electric vehicle (EV) maker BYD for HK$675.8 million ($86.3 million), a stock exchange filing shows.
The June 19 sale reduced Berkshire's stake in BYD's outstanding H shares to 8.98% from 9.21%, according to a filing with the Hong Kong Stock Exchange on Monday.
BYD, the Shenzhen-based car and battery maker, overtook Tesla to become China's largest all-electric car maker by the end of 2021.
It sold nearly 300,000 EVs in the first quarter of 2023, with most of those delivered in China. Tesla still leads the global EV race, having sold 422,875 EVs in the first quarter.
Berkshire Hathaway is a longtime BYD holder, having purchased 225 million shares of BYD in 2008 for $234 million, or about 20% of the stock listed in Hong Kong.
The investment has been very profitable, as the stock price has risen 30-fold during Berkshire's ownership.
However, in recent months, the investment company has been selling off its stake in BYD: since the summer of 2022, it has sold off about half of its shares in the electric car maker.
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