Market News

Warren Buffet Lowers Stake in BYD

Warren Buffet‘s Berkshire Hathaway (NYSE: BRK.A) has lowered its stake in Chinese EV maker BYD (BYDDY) to 12.9% from 13% earlier, according to a filing. Berkshire Hathaway has sold 1.55 million of BYD’s shares listed on the Hong Kong stock exchange for $44.85 million.

According to Reuters, Berkshire Hathaway started selling its BYD shares in August last year and has since reduced its holding by around 33%. Buffet had first acquired a 7.73% stake in BYD back in 2008.

Meanwhile, BYD’s EV sales slumped by 36.3% month-over-month in January to 151,341 units but showed a year-over-year increase of 62.4%. Overall in January, BYD’s sales in international markets declined 8% from the month of December to 10,409 EVs.

Overall, shares of BYDDY have increased by more than 18% in the past year.

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