Warren Buffett's Berkshire Hathaway has sold Hong Kong-listed shares of Chinese EV leader BYD for nearly $39 million, reducing its stake in the Chinese electric vehicle. Berkshire initially invested in BYD in 2008, purchasing around 225 million shares for about $230 million. The investment has been highly profitable, with BYD's stock price increasing nearly 600% by April 2022. This sale follows significant reductions in Berkshire's holdings in 2022 and 2023. BYD, founded by Wang Chuanfu, has grown from a battery manufacturer to the top car brand in China and the world's leading EV producer, surpassing Tesla in late 2023.
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00:00It's Benzinga, and here's what's on the block.
00:02Warren Buffett's Berkshire Hathaway has sold Hong Kong-listed shares of Chinese EV leader BYD for
00:08nearly $39 million, reducing its stake in the Chinese electric vehicle maker.
00:13Berkshire initially invested in BYD in 2008, purchasing around 225 million shares
00:19for about $230 million. The investment has been highly profitable, with BYD's stock price
00:25increasing nearly 600% by April 2022. This sale follows significant reductions
00:30in Berkshire's holdings in 2022 and 2023. BYD, founded by Wang Shanfu, has grown from
00:37a battery manufacturer to the top car brand in China and the world's leading EV producer,
00:43surpassing Tesla in late 2023. For all things money, visit Benzinga.com.