Warren Buffett's Berkshire Hathaway Sells $39 Million Worth of BYD Shares, Reducing Stake in Chinese EV Leader from motu patu in hong kong Watch Video
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⏲ Duration: 0:50 👁 View: 290K times ✓ Published: 18-Jun-2024
Description: 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.