Warren Buffett’s Berkshire Hathaway dumps BYD shares following rise in trade tension over Chinese EVs
By Laura He, CNN3 minute read
Published 4:36 AM EDT, Tue June 18, 2024
BYD is China's top maker of electric vehicles.
Qilai Shen/Bloomberg/Getty Images
Warren Buffett’s Berkshire Hathaway has further cut its large stake in BYD, which vies with Tesla as the world’s largest electric car (EV) maker, as global trade tensions escalate over Chinese EVs.
The legendary investor’s conglomerate sold another 1.35 million Hong Kong-listed shares of BYD on June 11, trimming its stake to 6.9% from 7.02%, a Hong Kong stock exchange filing showed Monday. The sale was valued at 310.5 million Hong Kong dollars ($40 million).
It’s the first major sale of BYD shares by Berkshire in ten months and the 14th since August 2022, when it started gradually reducing its stake in China’s top EV maker. BYD shares had closed at a record high in June of that year.
The latest sale comes as tensions soar over exports of cheap EVs from China.
