Warren Buffett’s investment company Berkshire Hathaway has offloaded more of its stake in Chinese electric vehicle maker BYD.
The sale involved 1.058 million Hong Kong-listed shares of the automaker at an average price of HK$191.44 ($24.52) per share, a stock exchange filing showed on Monday.
The sale lowered Berkshire’s holdings in BYD’s total issued H-shares – stocks belonging to companies from the Chinese mainland that are listed on the Hong Kong Stock Exchange or other foreign exchange – to 13.97% on January 3 from 14.06%, the filing to the Hong Kong Stock Exchange revealed.
Berkshire Hathaway also sold $80.7 million worth of Hong-Kong listed shares in BYD in November, lowering its holdings in BYD from 16.28% to 15.99%.
Earlier in the same month Berkshire offloaded another 5.78 million Hong Kong-listed shares in BYD for HK$1.14 billion.
BYD had announced that a national subsidy for some electric and hybrid-power vehicles would end on December 31, while the raw material price for batteries had also jumped in the second half of last year.
- Reuters with additional editing by Sean O’Meara