155 Warren Buffett’s Berkshire Hathaway has reduced its stake in China’s BYD, the electric vehicle (EV) manufacturer that surpassed Tesla last year as the world’s largest EV seller. According to a filing with the Hong Kong stock exchange, Berkshire recently sold 1.3 million Hong Kong-listed BYD shares for HK$310.5 million ($39.8 million), reducing its stake in BYD’s issued H-shares from 7.02% to 6.90%. Berkshire began its investment in BYD in 2008, purchasing around 225 million shares for $230 million, equivalent to a 10% stake at the time. The investment, championed by Berkshire’s late vice chairman Charlie Munger, has been highly successful, with BYD’s share price increasing more than 20-fold before Berkshire started selling shares in 2022. Despite this, BYD’s share price has fallen about 30% since peaking in June 2022. Tesla reclaimed its position as the largest EV seller from BYD in April of this year. Nonetheless, Munger praised the investment at the 2023 annual meeting of the Daily Journal, calling it one of the best things he had helped accomplish at Berkshire. Although Berkshire primarily invests in the United States, Buffett acknowledged at the company’s recent annual meeting in Omaha, Nebraska, that the investment in BYD was a notable and rewarding exception. You Might Be Interested In L3Harris confirms $4.7 billion acquisition of Aerojet Rocketdyne Alibaba’s Move to Raise Capital Through Convertible Bond Sale Aramark Named Among Top 50 Community-Minded Companies in the U.S. BBL content reduced as Australia secures $1 billion deal with Seven and Foxtel Rethinking Labour Laws: A Post-Brexit Regulatory Rebalance Amgen to Showcase Cutting-Edge Research from Extensive Oncology Portfolio at ASCO 2024