Hyperdrive
Buffett’s Berkshire Cuts Stake in Chinese EV Maker BYD Below 10%
A BYD Co. Song electric vehicle at the Shanghai Auto Show in Shanghai, China, on April 24.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Warren Buffett’s Berkshire Hathaway Inc. continued to trim its holding in Chinese electric-vehicle maker BYD Co., taking its stake below 10%.
Berkshire Hathaway sold 1.96 million of BYD’s Hong Kong-listed shares for an average of HK$235.64 each on May 2, according to an exchange filing, raising about HK$462 million ($59 million). The company has cut its stake by more than half since August, coinciding with an escalation of a price war in the EV market.