BYD has been slowing output since the start of the year when industry-wide sales began to fall. Photo: BYD
Warren Buffett-backed Berkshire Hathaway sold 1.55 million Hong Kong-listed shares of electric vehicle maker BYD for HK$351.81 million ($44.85 million), a stock exchange filing showed.
The sale lowered Berkshire’s holdings in the Chinese EV-maker’s issued H-shares to 12.9% on January 27. That was down from 13.04%, the filing to the Hong Kong Stock Exchange showed on Thursday.
Berkshire has gradually reduced its holding in the rapidly expanding company by more than a third.
The investment company started selling the automaker’s shares in late August. That was the first time Buffett’s company trimmed its stake in 14 years.
Buffett’s company acquired 225 million BYD shares in 2008, giving it a 7.73% stake, equal to the 20.49% stake in H shares, according to BYD’s annual report.
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.
Analysts say supercomputing power is the major obstacle holding back China's ChatGPT-like bot developers
The move will force exporting US firms to conduct ‘greater due diligence’ before shipping goods…
China saw 229 of its billionaires drop off the Hurun Global Rich List with Jack…
The country’s sole EV maker is gearing up to expand into the United States, where…
The debt restructuring plan has not proven popular with Evergrande dollar bondholders, with one likening…
The port reconstruction deal, part of a $170-million project to upgrade roads and wharves in…