From CNBC: 2024-06-17 08:51:24

Warren Buffett’s Berkshire Hathaway continues to sell shares in China’s top electric vehicle maker BYD, recently selling 1.3 million shares for $39.8 million, reducing its stake to 6.9% from 7%. This comes after Berkshire first invested in BYD in 2008 and saw massive gains as the EV market exploded in China.

Berkshire has been gradually offloading its BYD shares since 2022 as the stock soared nearly 600% from 2008. Hong Kong rules require filings only when a stake percentage crosses a whole number, so another filing may be needed if Berkshire’s stake dips below 6%.

BYD, founded by Wang Chuanfu, shifted from making phone batteries to autos in 2003 and has since become China’s top car brand and a major EV battery producer. In Q4 2023, BYD outsold Tesla, becoming the world’s leading EV maker. Buffett credits late Berkshire vice chairman Charlie Munger for the successful BYD investment.

Read more: Warren Buffett Berkshire Hathaway trims stake in EV maker BYD to 6.9%