Capital Markets

Buffett Sells $25.8 Million More BYD Shares, Stake Down by 61%

 

Warren Buffett-owned Berkshire Hathaway sold another $25.78 million worth of BYD shares last week, slashing its total stake in Chinese electric vehicle-maker by more than 61% since 2022.

The investment group sold 820,500 Hong Kong-listed shares of BYD for HK$201.73 million, a stock exchange filing showed.

The sale on October 25 lowered Berkshire’s holdings in BYD’s issued H-shares to 7.98% from 8.05%. That’s down from a 20.49% stake Berkshire had in the carmaker’s H shares when it began selling off its holdings since late August 2022.

 

Also on AF: China’s BYD Posts Highest Ever Quarterly Profit With 82% Jump

 

The investment mogul has since offloaded BYD shares over several rounds, with one of the largest sales being in November 2022, of shares worth $145.38 million.

Berkshire’s latest stake sale in BYD came on the heels of the carmaker’s financial results this week, in which it reported its highest-ever quarterly profit of $1.42 billion for Q3 2023.

The results pointed to BYD’s continuing dominance of the world’s largest electric vehicle market, despite increasing domestic competition and decreasing global demand of EVs. The EV-maker has also accelerated its expansion in major EV markets like Europe and Japan.

Its reach in major automobile markets of the US and India remains limited, however, amid Beijing’s tense geopolitical ties with Washington and New Delhi.

Berkshire’s sale of the majority of its stake in BYD has also come at a time of increased China-US rivalry in technology and trade.

 

  • Reuters, with additional inputs from Vishakha Saxena

 

Also read:

BYD Triples 6-Month Profit, Breaks Monthly Delivery Record

BYD Calls on China Automakers to ‘Demolish The Legends’

India Turns Down BYD’s $1-Billion EV, Battery Plant Proposal

Berkshire Shrinks BYD Stake Again With $86.3 Million Sale

Threat of More Rate Rises Slowing the Shift to Electric Vehicles

US Checking EV Battery Imports Over China Forced Labour Fears

Fully Autonomous Cars ‘Impossible’ Dream, says BYD chief – AE

 

 

Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at vishakha.saxena@asiafinancial.com

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