Name: Berkshire Hathaway Downsized BYD Shares by a Third
Uploaded: 2023-02-11T06:03:02.000Z
Description: Warren Buffett's investment giant is dumping even more of its Chinese holdings. Berkshire Hathaway began selling off shares of Chinese electric vehicle market BYD last August. Since then, it's reduced those holdings by more than a third.

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Warren Buffett's investment giant is dumping even more of its Chinese holdings. Berkshire Hathaway began selling off shares of Chinese electric vehicle market BYD last August. Since then, it's reduced those holdings by more than a third.

Based on a stock exchange filing, Berkshire sold off 4.2 million of the Hong Kong-listed shares in exchange for nearly $140 million.

The offload happened on Feb. 3. It marked the second largest of nine transactions where it cut BYD shares.

Berkshire's holdings in the company are now down to 95 million shares, having plummeted from its original investment of 225 million shares in 2008.

Estimates suggest the sales have netted the financial giant around $2.6 billion.

BYD is based in China's Shanxi Province. It topped the list as the globe's maker of the largest plug-in hybrids and pure electric vehicles in 2022 and outdid U.S. rival Tesla's growth.

Berkshire still holds about a 12-percent stake in BYD.

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