Warren Buffett’s Berkshire Hathaway cuts stake in Chinese electric car maker to less than 13%

news7f02/03/2023

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by Warren Buffet Berkshire Hathaway sold 1.55 million Hong Kong-listed electric car stocks producer BYD Co., Ltd (OTC: BYDDF) (OTC: BYDDY) for 351.81 million RMB ($44.85 million).
The sale lowered Berkshire’s holdings in BYD to 12.9% on Jan. 27, down from 13.04%, Reuters report.
Berkshire, which began selling BYD stock in late August, has accumulated a loss of more than a third of its holdings.
Buffett’s company bought 225 million shares of BYD in 2008, representing a 20.49% stake.
BYD Expected net profit growth in 2022 is 425.42% – 458.26% over the same period last year.
The growth trajectory of the new energy vehicle industry, coupled with a higher proportion of large overseas customers, led to the forecast.
BYD’s new energy vehicle sales grew to 1.86 million units last year from around 604,000 units in 2021 despite the resurgence of the Covid-19 pandemic in China.
In January, BYD launches the first of two new luxury electric carscar brand it will introduce this year.
Price action: BYDDF stock traded 0.3% lower at $33.40 on Thursday’s final check.