Berkshire Hathaway, the investment company owned by Warren Buffett, has again moved to downsize its holdings in BYD, China’s leading electric vehicle maker.
The American investment company offloaded 2.53 million Hong Kong-listed shares in BYD for HK$675.80 million ($86.3 million), a stock exchange filing showed.
The sale on June 19 lowered Berkshire’s holdings in BYD’s issued H-shares to 8.98% from 9.21%, the filing to the Hong Kong exchange on Monday revealed.
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The US outfit has been relentlessly reducing its stake in the automaker over recent months, selling 4.235 million HK-listed shares for HK$1.09 billion ($138.9 million) back in February.
That sale lowered Berkshire’s holdings in BYD’s issued H-shares to 11.87% and was the second time in a week that Berkshire had shrunk its stake in the EV-maker.
The group has been offloading its shares in the rapidly expanding carmaker since late August last year. Berkshire’s stake in the company’s H shares was 20.49% at the time.
BYD was the world’s largest plug-in hybrids and pure electric vehicles maker in 2022, with a total of 1.86 million cars sold, growing faster than Tesla.
- Reuters with additional editing by Sean O’Meara
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