Electric Vehicles

Berkshire Hathaway Sells BYD Shares Worth $80 Million

 

Berkshire Hathaway has sold $80.7 million worth of Hong-Kong listed shares in China’s electric vehicle maker BYD.

The investment company, owned by Warren Buffett, lowered its holding’s in BYD from 16.28% to 15.99%, a filing to the Hong Kong Stock Exchange said on Tuesday.

The Hong Kong-listed shares of BYD fell as much as 2.3% to HK$174.10 on Wednesday. The combined market value of BYD’s stock listed in Hong Kong and Shenzhen is $87.50 billion.

 

BYD Sell-Off

Berkshire Hathaway last sold 5.78 million Hong Kong-listed shares in BYD on November 8 for HK$1.14 billion.

Separately, BYD said on Wednesday it had raised prices for each of three electric vehicle models by 2,000 to 6,000 yuan (about $280 to $830).

BYD said on WeChat that the national subsidy for some electric and hybrid-power vehicles would end on December 31, while the raw material price for batteries had also jumped since the second half of this year.

 

  • Reuters, with additional editing from Alfie Habershon

 

 

Read more:

 

BYD Has Most EV Tech Patents of China Carmakers – Nikkei

 

Tesla EVs Rank Poorly in US Magazine’s Reliability Survey

 

Berkshire Hathaway Sells $145 Million of China’s BYD Shares

 

China’s BYD Races to Second Top Australia EV Brand – Drive

 

 

Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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