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Warren Buffett's Berkshire Hathaway trims its stake in Chinese EV maker BYD to 6.9% [CNBC]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
Warren Buffett's conglomerate has sold an additional 1.3 million Hong Kong-listed shares of BYD for $39.8 million, according to a filing to the Hong Kong stock exchange. The sale reduced Berkshire's holding to 6.9%, from 7%. The conglomerate first bought about 225 million shares of Shenzhen-based BYD in 2008 for around $230 million. The bet turned out to be extremely lucrative as the EV market saw explosive growth in China and elsewhere. Berkshire had offloaded half of its holding through sales in 2022 and 2023 after BYD skyrocketed nearly 600% to a record high in April 2022 from the start of 2008. Hong Kong's rules only require a filing when a stake percentage crosses a whole number, so if Berkshire's stake falls below 6%, there will be another filing. Munger's influence Founded by Wang Chuanfu, BYD started making batteries for mobile phones back in the 1990s. By 2003, the company had pivoted to autos and has since become the top car brand in China, as well as a major prod
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